New research has revealed a shocking number of people have failed to make a Will; which could mean their assets will not be passed to their loved ones in accordance with their wishes, when they die.
As part of their annual ‘Write and Register a Will Week’, which starts on 14th October, Unbiased.co.uk and Certainty.co.uk found:
- 58% of people in the UK, equivalent to 29.3 million people, have no Will
- The problem is getting worse. In 2009 60% of people in their 40’s had not made a will, this has now risen to 69%. The pattern is the same for older people; with 19% of over 70’s not having a Will, up from 14% four years ago
- Despite the huge numbers who have not made a Will, most people know it’s an important thing to do; only 13% say making a Will has never occurred to them
- People living in the South West of the UK, a popular place to retire, are most likely to have made a Will
Perhaps the most worrying age group not to have made a Will, are people in their 40’s, who are likely to still have financially dependent children; in fact less people in this age group have a Will than four years ago. The consequences of not having a Will in place on death can vary, but include:
- Assets being distributed in line with the laws of intestacy, which may not be the same as your wishes and could leave certain groups, including unmarried partners or step children financially exposed
- You may have no say in where your children live after your death
- You may miss valuable opportunities to reduce the amount of Inheritance Tax payable
Who don’t people make a Will?
The research clearly shows the problem isn’t a lack of knowledge, only 13% of people said making a Will hadn’t occurred to them.
It also isn’t because people don’t have assets to leave on their death. The research found 76% of people plan to leave money when they die and 68% plan to leave property, which only a Will can ensure is passed on in accordance with their wishes.
The main reason for not making a Will seems to be simple inertia, after all, who wants to contemplate death or actually thinks it will happen to them whilst they are relatively young and healthy? The research found 25% of people are putting off making a Will until they are older, whilst 13% had never considered making a Will, but only 11% have been put off by the price.
How to make a Will
If you are one of the nearly 30 million people who have not made a Will, the next couple of months offer two perfect opportunities to put this right and protect your loved ones, especially your children.
Firstly, the ‘Write and Register a Will Week’ will allow you to register a Will for free, saving the usual £30 fee; visit www.registeryourwill.org/unbiased for more details.
Secondly, November is Will Aid month, which means participating Solicitors will waive their normal fee and write your Will in return for a donation to charity. You can find participating Solicitors by clicking here.
If you decide to take advantage of Will Aid month, please consider our adopted charity, the NSPCC.
Will Aid and the NSPCC make perfect partners, After all the main reason for writing a Will is often to protect children, whilst the NSPCC helps the most vulnerable children each and every day of the year and with 90% of its revenue raised from donations, such as those from Will Aid, they need as much help as possible.
Take action…protect your family and make a Will
Nearly 90% of the people who have not made a Will know they need to, October and November provides great opportunities to stop making excuses and take action!
If you would a recommendation to a Solicitor then call us today on 0115 933 8433 and ask for Phillip Bray, alternatively click here to find a Solicitor in your area who is participating in Will Aid.