According to a recent study, over half (58%) of UK adults have not yet written a will. However, 74% of UK adults said they would like to ensure that money is given to their loved ones when they pass away.
The research, by unbiased.co.uk, showed that children and grandchildren continue to be the main beneficiaries of wills, with 36% of UK adults wanting to leave enough money to fund some aspect of their child or grandchild's future.
Charities and pets also stand to benefit with 8% of UK adults wishing to donate a significant amount to charity and 7% of people wanting to leave enough money for their pets to live comfortably after they have gone.
If an estate exceeds the threshold for inheritance tax â currently £325,000 or £650,000 for married couples â individuals should consider including some tax planning in their will. Yet worryingly, 42% claim that they haven't thought about the impact inheritance tax may have on their estate and 11% didnât know that it could affect their estate.
Of the 39% of people who have considered inheritance tax planning, 20% have gifted assets to friends and family during their lifetime and 15% have placed their assets under trust to minimise the impact of inheritance tax.