23December 2014

EMBARGOED UNTIL 00:01hrs on Sunday, December 28 2014

Resolve to make 2015 the year you write your will

With almost 75 per cent of 16-54 year olds living without a valid will, why not make a New Year's resolution to speak to a solicitor and give your future the assurance it deserves?

Without a will you risk dying intestate, which means your estate does not automatically pass to the people who matter most to you.

Last year £8 million went to government because people died intestate, with many people wrongly believing their inheritance would pass to their nearest and dearest.

Law Society president Andrew Caplen said the figures are extremely concerning:

"Thousands of people die every year without making a will or without a properly drafted will," he said.

"Dying intestate not only means your final wishes will probably go unheeded, but a financial and emotional mess is left for your loved ones to sort out. This need not be your final legacy.

'Making a will is usually a very simple process but we urge people to use a qualified, insured solicitor because they will be able to spot the nuances that could lead to trouble later on if not properly addressed."

According to research from the Law Society the majority of Britons have not written a will.

The research revealed 73 per cent of 16-54 year olds don't have a will, while 64 per cent of people over the age of 55 have made their final wishes clear in a will. The research found men are more likely to have a will and keep it updated than women.

It is estimated by 2018 the government will receive nearly £6 billion from inheritance tax. With careful planning, those with a will can substantially reduce the amount of inheritance tax that becomes liable or even alleviate it all together. Inheritance tax can be a lot higher without a will.

Recent changes to intestacy law, also mean more than one million unmarried and same sex couples not in a civil partnership and with dependent children, are at risk of leaving their finances in legal limbo if one of them dies intestate.

The changes strengthened the position of married spouses and civil partners, but left the position of cohabiting couples unchanged.

This means if you are married or in a civil partnership and die without a will, your children will be entitled to your entire estate - creating a financial headache for your surviving partner.

Sarah Bibby, 37, a designer from Redcar, North Yorkshire is unmarried and has two children under two years old.

She said learning she would inherit nothing if her partner passed away without a will reinforced her desire to get one written as quickly as possible.

"If my partner died, not only would I have to deal with the grief, I could be left with a financial crisis on my hands. If you have children you really should have a will - it's selfish not to.

"Wills force you to confront some difficult questions, and I think this puts people off getting one. But ultimately it is in your family's best interests to confront these questions head on."

To find a solicitor to help you prepare a will, visit the Find a Solicitor, the site is available here:http://solicitors.lawsociety.org.uk/

The service allows you to search a database of 140,000 solicitors across the country.

ENDS

Notes to editors

Picture caption:

Mum Sarah Bibby (37), twins Charlotte and Ethan (21 months), and dad Robert Allinson (37), all of Redcar, North Yorkshire.

Office of National Statistic (ONS) figures indicate that as of 2013 there were more than 1.17 million heterosexual and homosexual couples with dependent children in the UK.

Changes to the intestacy laws were introduced on October 1, 2014.

About the Law Society of England and Wales

The Law Society is the independent professional body, established for solicitors in 1825, that works globally to support and represent its members, promoting the highest professional standards and the rule of law.

About the consumer campaign

Public relations agency DTW is managing the Law Society's consumer campaign.

For more information on this media release and the campaign please contact Chris Sealey on:07786 512833, or emaillawsociety@dtw.co.uk