Will week

This week is Will Week. No- we’re not talking about a week dedicated to men around the world named William. This is the very important and overlooked issue of making a will. One of the most important legal activities each of us faces is deciding how our assets will be distributed when we die. A will ensures that any assets are shared out as you would wish, yet this simple process is put off by so many of us, time and time again.

Often people realise they haven’t made a will when they’re going on holiday and the plane is on the runway and that’s when they start to think they should have made a will.

It may seem depressing to have to think about events following your death, but much to the contrary making a will while you're fit and healthy and very much alive, allows you to get on with the rest of your life with peace of mind for yourself and your family.

St Ann's Hospice is, this week, trying to highlight the fact that many people don’t have a will. If you’re one of those people, it’s important to know the consequences of no action.

Dying without a will means that your estate will pass in accordance with the Administration of Estates Act 1925 – and that covers your property, your personal possessions and savings.

Michael Jackson is a solicitor at Altrincham's William H Lill & Co - a firm that is taking part in Will Week. He may share the name of the famous deceased singer, but he’s a lot more clued up when it comes to arranging life after death - something the King of Pop may have given more thought, had he prepared for every eventuality.

Speaking about those who die without a will, he said: “There are some statutory rules called intestacy rules that apply and broadly speaking money goes to the wife or husband and family, but it can be complicated. It doesn’t really suit the parties and can be quite expensive to implement too. It’s far better and more kind and considerate to those that one is leaving behind if people make a will so they know what you really wanted.”

That’s not to say that people who avoid writing a will are just being lazy; there are many factors for avoiding the worry of a will. Quite often people think it’s easier to allow family members to arrange things after their passing. Others simply don’t know what they want to do with their will or feel that they’re not worth anything anyway.

Michael added: “You might make a will today and win the lottery in a couple of days. The will speaks from when you die, so the fact you’ve got nothing today doesn’t mean that you will have nothing when you die.”

Avoidance and lack of foresight can also lead to family disputes. These can often escalate over money, but there are also many other important aspects of a will and you may find it tricky to predict how you may want to divide up other assets at the end of your life. Despite such problems, Michael still believes we should all at least try.

He said: “It’s better to do something that’s roughly right and then fine tune it afterwards. You should really review your will at least once every ten years. People’s circumstances change and later on in life you might want to think about giving property away to avoid inheritance tax.”

The process of creating a will is, for most people, fairly straightforward and any complexities can be handled by your solicitor. You will begin by writing down a few names, ideas and proportions before your solicitor creates a first draft.

Michael said: “Most people can make a straightforward will that is relatively inexpensive. It has always caused more problems when people make homemade wills. The costs of litigating interpretation can be tens of thousands of pounds. If people make a legal will, it can save dependents all that money.”

The usual age to start planning a will tends to be around 30-years-old as this is the age many of us start or have a young family. It’s also an age when the last thing people want to think about is the whole business of death and dying, but it’s important to overcome this fear and just get it over and done with, as Michael said: “Often people realise they haven’t made a will when they’re going on holiday and the plane is on the runway and that’s when they start to think they should have made a will.”

Don’t leave it until it’s too late.

St Ann’s Hospice’s Will Week campaign (8 - 12 March 2010) includes 60 local solicitors participating by waiving their usual will writing fee in the hope that customers will donate the fee to St Ann’s Hospice instead. Last year’s Will Week campaign raised over £28,000 for St Ann’s Hospice which needs to raise £16,000 every single day.

Fundraising Officer, Mandy Pope, says: “We are extremely grateful to the team of solicitors who have, once again, signed up to help us with Will Week and we urge readers of Confidential who don’t have a will, or who would like to alter an existing document, to make an appointment as part of Will Week.”

For further details please visit www.sah.org.uk or call 0161 498 3631