More than half of adults in the UK do not have a will, and many do not plan on getting one any time soon, research has found.
The data, by Canada Life has revealed that approximately 30.4 million adults do not have a plan in place for when they die, and 12 percent said they have no intention of making one.
According to the figures, 33 percent of adults over the age of 55 have not written a will. This means that when they pass away, they will die intestate and their assets will be frozen until the court system decides how to distribute the estate.
But when someone dies ‘intestate’ the estate will be shared out in the standard way defined by law, but this might not be the way they would want it to be split.
The law of intestacy states specific rules, for example, only married or civil partners and some other close relatives will be entitled to inheritance.
Cohabiting partners who are not married or in a civil partnership will not inherit under the rules. But, partners who separated informally can still inherit, which can sometimes cause disputes.
This can result in a lengthy, time-consuming process, as well as expensive and stressful for the surviving family members.
MoneySavingExpert Martin Lewis has recently spoken about the importance of having a Will in place, no matter what your age or financial situation. His website warns that if you die without having made a will, you could leave behind ‘significant financial problems for your loved ones.’
He states that crucially if you have no will, you have ‘no say’ over what happens to your money and property when you die.
According to the research, some of the top reasons for not making a will include, not having enough wealth or assets to warrant making one, or the belief that they still have plenty of time to get one in place.
Stacey Love, technical manager of tax trusts and estate planning at Canada Life, said:
“Although men (41 per cent) and women (40 per cent) are equally likely to have a will in place, among those that don’t have one, 32 per cent of women say that the reason for not having a will is because they don’t have enough assets to make one compared to 17 per cent of men.
“While 21 per cent of those aged 55 and over who haven’t arranged a will yet, say it is because they don’t know what to do with their assets, more than any other age.”
What is a Will?
A will is a legal document that outlines what you want to happen when you die. Including the following:
- Choose who will be your Executors – these are the people who carry out your wishes in your Will
- Choose who will be the guardians of your children – if they are under the age of 18 at the date of your death
- Include details about your funeral wishes – in as much detail as you wish or you can direct your Executors to where further information can be located
- Deal with shares in a business (if your articles of association or shareholder or partnership agreements permit this) or property
- Leave monetary gifts and specific items to named people or charities
- Provide for pets to be rehomed or even leave a monetary gift for their care
- Include Trusts in your Will – for various reasons
- Ensure your Will makes full use of all Inheritance Tax allowances
- Decide who will receive the rest of your assets (known as your estate)
How to write a Will
If you are planning to get a will written, you should be careful as will-writing is not a regulated market. This means there are several ways to get a will written, such as online tools and DIY services, but the protections you have if something goes wrong depend on who writes it.
If you get a solicitor to write your will, you will have more protection as they are regulated and specialise in this area of the law. By using a solicitor, you should have a properly drafted, watertight will. Solicitors are also regulated by the Solicitors Regulation Authority, which means if you have any problems, you can take things further.
At Oakwood Solicitors, the wills team can assist you through the process and provide you with the necessary advice. You will have a dedicated advisor who will work through the Wills process with you from start to finish, assisting you in the event of any queries or issues you may have. Your advisor will also continue to provide regular updates until your final Will signing.
As an SRA-regulated firm, with our client’s best interests in mind:
- We provide a bespoke Will-writing service that ensures that your Will is tailored to your individual circumstances.
- We offer a free initial consultation to take your instructions and assess your requirements.
- Our Will writing costs are fixed and we will ensure total transparency.
Further reading
Wills – Oakwood Solicitors
WHAT TO DO NEXT
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Christina Taylor joined Oakwood in 2023 as Deputy Head of the Wills and Probate Department.
Christina has over 20 years’ experience in her previous firm and qualified as a Specialist Paralegal in…
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