WHY DON’T PEOPLE MAKE WILLS?
Do We Really Believe We’re Not Going To Die?
Every survey about Wills concludes that at least half of the middle-class population of the world does not have one. Given that the implications of dying without one are huge and negative, this doesn’t make sense, so what’s behind it?
The next question is does it matter?
The answer to that is a funny one. It matters more to the family, loved ones, heirs and beneficiaries than it does to the person who makes a Will. After all, we can’t take it with us. When we enter the next life we can’t really worry about what happens without us…. I think?
However, it matters hugely to those who would inherit our possessions. Some consequences of a person dying will-less include legal costs, long delays in inheriting, stress, dealing with banks and the associated costs, confusion, and possible family disagreements about the intentions of the deceased.
So, it’s reasonable to say that we don’t make a Will for ourselves, we make one for our loved ones.
If it is done, we gain peace of mind that those we value most in the world do not have to worry about potentially having to apply to the court to live in the family house, to ask the bank for loans because the deceased’s accounts are frozen, to deal with lawyers about “intestacy” when they’re trying to pick up their lives and mourn the person who has passed away, and who have to wait a long time to inherit what should have been done simply.
So, again, the question: why don’t people make Wills? Some reasons are:
· It’s “too expensive” and “I’m too young”
· It’s inconvenient; “I gotta take time off to go to the lawyer”
· No spouse, partner or children
· Inertia; “I can do this some other time”.
Finally, having looked in the mirror, and having interviewed hundreds of people about this topic, I believe the key reason is that none of actually believe we’re going to die! Our head may “know” we’ll kick the bucket, buy the farm, ascend to the clouds at some distant future time, but our hearts just want to keep pumping, working, having fun, just getting on with it.
That psychological quirk of human beings makes us put off writing a Will. And is something your family and loved ones won’t thank you for.
The numbers involved are staggering. Statistically almost 200m people in the English-speaking countries (US, UK, Canada, Australia, NZ, Ireland, a bunch of Caribbean nations) make no provision for passing on their possessions after death. When countries with Common Law influenced legal systems are added, the numbers become frightening. Just think of the Indian middle class of half a billion people, with fewer than 50% of these planning for their families’ futures. You don’t actually need a lawyer to make a Will in most countries, but whatever method you choose, the message is
PLEASE MAKE A WILL!
Your loved ones will thank you for it.
