Wills in the UK

WILLS nUK the FACTS AND FIGURES FACTS In our survey of 500 people we found the following: 72.37% 37.72% of people have a WILL people with CHILDREN have a WILL 62.28% 27.63% don't have don't have a WILL a WILL 41.50% MEN Have a Will WOMEN 31.79% Have a Will Age makes a huge difference to the likelihood of having a will: 100% 90% 75.4% 209 -70% 60% 47.6% 48.9% 50% 40% 32.4% 25.9% 11% 0% 18-24 25-34 35-44 45-54 55-64 65+ YEARS OLD YEARS OLD YEARS OLD YEARS OLD YEARS OLD YEARS OLD OTHER FACTS 1 out of 10 PEOPLE YYYYYYYXX ZK 24% Nearly a quartér of all BRITS haven't told anyone where their Will is kept have not thought about writing a Wil with over a fifth thinking they are too poor to bother. 66 In this world nothing can be said to be certain, except DEATH and TAXES.9 -Benjamin Franklin TAX AND COSTS The UK government earns £2.9 billion Inheritance tax threshold is £325k in the UK per year on inheritance tax. +2014/15 Any assets over this value are subject to tax: GIFTS to loved ones (as long as you survive for 7 yrs. after giving), Trusts, and Charitable donations are all ways to avoid inheritance tax. In 2009 the Treasury gained £53 million IITT Going through probate tákes at least 6 weeks, with the costs dependent on the size.of weeks from people who died intestațe. your estate, COMMON RULES IF YOU DONT MAKE A WILL IF YOU'RE NOT MARRIED AND NOT INA CIVIL PARTNERSHIP, your partner is not legally entitled to anything when you die. IF YOU'RE MARRIED, your husband or wife may inherit most or all of your estate and your children may not get anything. This is true even if you are separated. (but not if you're divorced, except in Scotland). IF YOU HAVE CHILDREN OR GRANDCHILDREN, how much they are legally entitled to will depend on where you live in the UK - but if you make a will you can decide this yourself. ANY INHERITANCE TAX THAT YOUR ESTATE HAS TO TAX PAY may be higher than it would be if you had made a will. IF YOU DIE WITH NO LIVING CLOSE RELATIVES, your whole estate will belong to the Crown or to the government. This law is called bona vacantia. COSTS OF MAKING A WILL PROFESSIONAL WILL AID ONLINE DIY WILL (every November) LEGAL SERVICE WILL PACK basic single Will from £150 + VAT free Will provided by Solicitor in exchange for a charitable donation of £90 for single, £135 for joint Will + VAT Charge starts from £30 Charge starts from £10 OTHER INTERESTING FACTS THE RECORD FOR THE LONGEST WILL EVER PROBATED is held by an English. woman, Frederica Evelyn Stilwell Cook: Although her estate was only valued at about $100,000, her last will.and testament ran 1066 pages and 95,940 words. "all to son" 'all to mife" In contrast, THE SHORTEST KNOWN WILLS are each. three words long: Indian Bimla Rishi's will read "all to son" and German Karl. Tausch's read "all to wife." OLDEST WILL A recent study indicates that approximately 11. percent of Britons have their INTERNET PASSWORDS in-their läst will and testament. believed to be that. found on Wall of Tomb of Kings dated back to 2600 BC! WEIRD/STRANGE WILL REQUESTS HOUDINI left his wife a secret code - ten words chosen at random -- that he would use to contact her from the afterlife. His wife held annual séances on Halloween for ten years after his death, but Houdini never appeared. Napoleon Bonaparte Last Wish: That his head be shaved and the hair divided up amongst his friends. Henry Budd's last will and testament he left £200,000 in 1862 in trust for his two sons on the condition that neither grow a moustache. One cat-loving lady left her whole house to be used to provide for her cat. The lady's funeral was to be held on a clear summers day, and her cat was sunning itself lazily on the drive outside when sadly it was run over by the hearse. SOURCES TAYLOR ROSE (http://www.bbc.co.uk/news/m-agazine-15368029) (http://blogs.lawyers.com/2012/11/trivia-lime-litle-known-facts-about-estate-planning/ (http://money.howstuffworks.com/personal-finance/finan- cialplanning/9-strange-last-wills-andtestaments.htm #page-9) (http://www.thowillsite.co.uk/wills-the-funny-side.php) Online