I am so elated after finally ticking off a longstanding item from my ‘to do’ list that I feel as if I could do a backflip.
uncertain
I → tick → backflip
I’ve written a new will and feel rather chuffed with myself.
asserted
I → write → myself
Disturbingly, I’m in a minority when it comes to having a valid will, laying down how my assets (home, savings and investments) should be distributed when I shuffle off this mortal coil.
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I → ’m → coil
A majority of adults in this country don’t have one for various reasons: a sense of immortality and more pressing financial priorities, such as the cost-of-living crisis.
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majority → have → crisis
Some 230,000 people a year die intestate (without a will) with one in five adults saying the reason why they don’t have one is because they’re ‘too young’.
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they → die → one
If you have assets – a home and investments – and/or are in a long-term relationship, a will is a financial priority.
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will → have → relationship
If you haven’t got one, get one now.
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you → get → one
You’re never too young or too old to get one.
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You → ’re → one
Yes, the set-up will cost a bit – especially if you use a solicitor – and you won’t get any financial gain from doing the ‘right’ thing.
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you → cost → thing
But that’s not the point.
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that → ’ → ?
It will ensure that, in the event of your death, your wealth (post any payment of horrible inheritance tax) will be distributed among friends, family and good causes according to your specific wishes.
uncertain
wealth → ensure → wishes
The alternative is too horrible to contemplate.
asserted
alternative → contemplate → ?
Die without a will and your estate will be divvied up based on strict rules.
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estate → die → rules
Although these vary between the devolved nations, the formulaic rules can be cruel on unmarried partners (not civil partners), special friends, stepchildren and foster children.
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rules → vary → partners
These groups are excluded from the divvying up – though a recent Government consultation (‘A Fairer End to Relationships’) could result in many unmarried couples living in England and Wales having an automatic right to inherit if their partner dies intestate.
uncertain
partner → exclude → right
Die without a will and your estate will be divvied up based on strict rules... these can be cruel on unmarried partners, special friends, stepchildren and foster children
asserted
these → die → partners
The intestacy rules also take no account of those in your life who meant more to you than others – or whose life would be transformed by an inheritance.
asserted
life → take → inheritance
My need to write a new will – not update an existing one – has been a financial priority ever since my divorce was confirmed last year.
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divorce → write → one
Though my decision to proceed was delayed by a tedious wait for the splitting of pension assets and the purchase of a ‘hobbit’ home – insufficient to swing a proverbial cat – it’s reassuring that it is done.
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it → proceed → cat
It means I now have a will that ensures my three magnificent boys – all in their 30s – will rightly take the lion’s share of the proceeds from my estate.
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boys → mean → estate
Had I not written a new will, my estate would not have been split how I wished.
asserted
I → write → will
My previous will became void by the divorce as it named a spouse I no longer have.
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I → become → spouse
Simultaneously, I’ve set up a Lasting Power of Attorney (LPA) for property and financial affairs in case there comes a point when I need a loved one or family to make financial decisions on my behalf.
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one → set → behalf
Though I’m still firing on all cylinders, it’s never too early to think of LPAs.
asserted
it → fire → LPAs
When my late mother, Helen of Troy as I called her, lost Dad nine years ago, it took forever and an age to convince her that LPAs for both her finances and health were in her best interests.
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LPAs → call → interests
Helen, an intensely private person, thought the ‘family’ was after her money when all we wanted to do was help as she became more housebound and fragile.
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she → think → money
In the end, she was grateful that she had agreed to set up the LPAs.
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she → agree → LPAs
Once I’ve registered my financial LPA with the Office of the Public Guardian, I’ll complete the sister health and welfare LPA (a combined £184 well spent).
asserted
I → register → LPA
I’ve also bought myself an ‘end of life planner’ book where I’ve logged key personal and financial details.
asserted
I → buy → details
It’s called: ‘Sorry, it’s your problem now… because I’m dead’.
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it → call → ?
If you haven’t written a will – or updated an existing one to take account of key changes in your life – I urge you to do so.
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I → write → you
The same goes for LPAs.
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same → go → LPAs
It should cost about £300 for a straightforward will, which you can do in person, over the phone or online.
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you → cost → phone
You’ll feel so much better.
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You → feel → ?
A weight has been lifted from my shoulders.
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weight → lift → shoulders
Let me know how you get on.
asserted
you → let → ?
The Aporia
