Writing a Will when you're over 50

Making a Will is the only sure way to guarantee that your wishes are carried out when you die and that you avoid leaving problems and disputes for others to sort out. Yet few people in the UK have a Will - including the over 50s who should be wise enough to know better.

Ongoing research shows that around 70% of adults in the UK do not have a Will. This is a shocking revelation and quite inexplicable when you look at the issues and difficulties which arise when people die intestate (legal jargon for not having a Will).

For the over 50s, the situation is even more perplexing. Like it or not, we are now entering a time of our lives when our statistical chances of dying, and the likelihood of sudden death both become much higher.

So although in the best case scenario we may have several more decades of life ahead of us, we may not. Hence why we need to be realistic and sort out our legal and financial affairs.

Myths and misconceptions

Anecdotal evidence tends to show that people don't like to think about Wills because somehow they feel that if they make a Will it will magically increase their likelihood of dying. Even the most superstitious should realise that there's no way this can be true.

On the other hand, as most people are caring and concerned partners, parents, grandparents and friends you would think they would want to save their loved ones the heartache, grief, uncertainty and conflict that can arise when someone dies without a Will.

Other reasons that people quote for not having a Will is that "I haven't got much, so I don't need one", and "It'll all go to my wife/husband anyway, so I needn't bother". Neither of these is a sound or accurate reason. No matter how little you think you have (and it can often add up to more than you might think) it will need sorting out on some basis, and even if you have been happily married for many years, not everything will automatically go to your spouse if you don't have a Will.

The legal system is very complex and although you may believe your affairs are very straightforward, there may be all sorts of factors that will need taking into account, possibly leading to a situation where, without a Will, your nearest and dearest are not left as well-provided for as you had wished after you die.

Things may be even more complex if your family situation is at all complicated, for example if you live with a long-term partner (of either gender) rather than a spouse.

Practical steps to take

In the overall scheme of things, drawing up a Will is not expensive.

It is possible to write a DIY Will, but again, these can often turn out to have been badly written or unclear, so it really is an area in which you would be best advised to seek professional advice.

Before you do so, take the time to draw up an up-to-date and detailed list of all your assets and liabilities (including those that you may have jointly with your partner or spouse, such as home ownership).

Find out all the relevant paperwork and put it in a file.

Then think long and hard, for as much time as it takes, about what you want to happen to your assets when you pass on, bearing in mind that such a situation may not occur for some years. Make sure you think through the possibilities. For example, if you want to leave everything to your spouse, what will happen if you die at the same time (unlikely but possible)?

Other questions concern the role of partners and spouses of children or grandchildren, future relationship breakdowns, bequests to friends or charitable institutions, and much, much more.

This is where having a professional adviser will help. They know all the questions to ask you and all the avenues you will need to consider. This includes recommending trusts where appropriate, to protect your assets for the generations to whom you leave behind.