Haven’t Done a Will Yet: 60% of Brits Lack Will or Estate Planning
Haven’t written a Will yet? You’ve got company. Neither have 6 in 10 UK adults.
Haven’t written a Will yet? You’ve got company. Neither have 6 in 10 UK adults. This is currently at an all-time high. Over 31 million people now risk passing away intestate (not having made a will before one dies) and having their estate distributed solely according to the courts and law. This is even more of a problem for individuals with step families, or those who live together but are not married.
Whilst those aged over 55 are three time more likely to have a Will than their younger peers aged 18-34, a third of this group still don’t have a will. The 35-54 year old age group are also notable stragglers; three quarters do not have a will despite having dependents and other serious financial commitments.
Preparing for the end of life is one of those things people know they should do – but not many have actually sat down to do it. There are many options for creating a will, both do it yourself and assistance from a professional adviser are two routes for creation. One in ten (11%) said they were put off by the cost of writing a will yet this has dramatically fallen since the creation of online digital services such as Fare Will and Legacy Wills.
Of those who made a Will in the UK, individuals are projected to leave an average of £227,000 in property and £74,000 in monetary savings when they pass away. Property assets continue to steadily increase which makes it all the more important to designate your preferences for distribution at the time of your death.
Some areas of the UK are less well-prepared than others. Adults in Liverpool are most likely to have made no arrangements, with 73% having no will, closely followed by Nottingham (69%) and Glasgow (68%).