Why you should write a will

Latest research by Unbiased.co.uk reveals:

  • Over 28 million of the UK adult population (58%) are currently without a will
  • Yet one in ten UK adults without a will believe their estate will go to the right people automatically
  • Nearly a third (32%) of over 55s do not have a will in place, while 64% of those aged 35 to 54 have not yet written a will
  • 42% of UK adults have not thought about the impact of inheritance tax on the estate they wish to leave behind when they pass away
  • When people start thinking about their estate, children and grandchildren are the top beneficiaries, but charities and pets are set to benefit too

Where there’s a will there’s a way

Procrastination remains the number one reason for not writing a will.

Nearly a third of those without a will (30%) stated that they plan to make one when they ‘get older’, while 11% said it never occurred to them and 21% felt that they didn’t have anything of value to leave behind.

Interestingly, 11% believe their estate will go to the right people automatically, yet dying without a will means their assets will be divided according to the rules of intestacy, which could leave stepchildren or unmarried partners in particular in a vulnerable position.

Although the average cost of getting a solicitor to write a will can be as low as £120 for singles and £200 for couples, 14% of UK adults said that they have not written a will yet because they are worried about the costs involved.

Almost 7% said they wanted to enjoy spending their savings while they are alive instead of saving them to pass on to future generations, while 8% of over 55s claimed they were superstitious and writing a will is tempting fate.

Impact of inheritance tax

If an estate exceeds the threshold for inheritance tax – currently £325,000 or £650,000 for married couples – 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% didn’t 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.

Why should I worry?

We believe the future should not be left unplanned.

Reasons why

Lasting Power of Attorney?

Read the story of Heather Bateman to see why everybody should have one.

Avoid the trap

Keeping the fruits of your labour

Leave your money to the family, not HMRC.

Why us?