It’s never easy to think about what will happen to your loved ones and your assets when you’re gone, which is perhaps why so many people put off making a Will.
In fact, according to reports, nearly 60% of Britons don’t have a written Will, with 20% not making a Will because they don’t think they’re wealthy enough.
Whilst this figure might seem surprising, if we were to look at the same statistics for Asian families specifically, it’s safe to say that the figure would be significantly higher. For a variety of reasons, Asian families just don’t seem to take the issue of making a Will seriously.
Maybe this is because younger generations are too focused on growing their assets than planning their succession and the elderly generation are on the assumption that their assets will automatically go to their family members.
However, this is not always the case as Asian family situations tend to be much complex especially for men, such as that there are children from polygamous marriages, nephews who are in UK as their own sons.
The children do not talk about Will to their elders as it will seem disrespectful and they would appear to be ‘greedy’. Therefore, to talk about it tends to be more of a taboo.
Regardless of the reasons behind it, many Asian families simply aren’t taking the issues of Wills seriously enough, and this is something that has to change.
There had been many disputes over deceased person’s assets from children from various polygamous marriages and other family members where there wasn’t a Will.
This of course had detrimental impact on the whole family, not only legal disputes but family feuds had become endless.
Having a Will in place means that, when the inevitable happens, your money and other assets will be distributed in line with your wishes, rather than under intestacy rules. This is where the law decides how the monies should be distributed rather than the wishes of the deceased person. Therefore having a Will is important.
It will make things much easier for family to sort out, minimising the time and stress involved, but it will also ensure that everything you own, everything you have worked hard for, will be shared out exactly as you want it, rather than in a standard way defined by the law.
Without a Will, your assets will be inherited by specific individuals, regardless of what your relationship was like with them.
And it’s not just older members of the Asian community that need to seriously consider making a Will, it’s incredibly important for those with dependent age children as well as vulnerable people in the family.
The fact is that none of us know what’s round the corner and, if you’ve got children to think of, it’s important to ensure that you’ve got everything in place to ensure they are properly looked after when you die. As part of your Will, you will need to appoint a guardian or guardians for them, and also make proper financial arrangements for them as they are growing up.
Perhaps many are put off writing a Will as it seems, on the surface, to be a complex and somewhat daunting task. Whilst this is totally understandable, it certainly isn’t the case. There are plenty of resources out there that will help you create your Will – whether you opt to write it yourself, utilise a will writing service, or instruct a solicitor.
The bottom line? Wills are important. If you don’t have one, you almost certainly need one.
To find out more visit: https://www.aklimabibi.com/legal-services/wills-services/