A worrying survey has revealed that more Brits than ever are running the risk of dying intestate with most people living in the UK having no drafted will.
Unsurprisingly perhaps, nine out of ten of those aged between 20-29 had no will in place, however, more than two-thirds of those between the age of 40-49 had no will, with 60% of those aged between 50-59 also having nothing to protect their estate upon death. The vast majority would die intestate as a result with their wealth and estate being handed out under state rules.
There was also a difference based on geography with people up North in major cities such as Glasgow more likely to have a will in place.
Common Reasons for Avoiding Will
One of the most common reasons for people not making a will was people wishing to put off drafting such a document. We understand that planning for your demise isn’t the best way to spend an afternoon, however, it is vitally important. Writing a will can ensure that your loved ones are not left in a financial hole when you pass and that your estate will fall into the right hands. With pension freedoms and other changes affecting well it is even more vital that your will is up to date and legally binding.
Cost played a part in some people not wishing to draft a will, however, not having a will in place could lead to a much higher cost after you are gone. 17% of people also stated that they did not have a will in place because they believed that they did not have enough assets to require a will.
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For details on drafting a will, what is require to make a will, for legal advice regarding editing or even challenging a will or for any legal service regarding the elderly, get in touch with our solicitors today using our online contact form.