Alarm as most admit they’ve not made a will
A STAGGERING six out of 10 Britons have not made a will, according to research. As a result, millions are at risk of plunging their loved ones into financial chaos after their death, says consumer champion Which? Legal.
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Without a will, money, property and possessions may not go to the people you want to inherit.
Dying “intestate” – without a legal will – also risks long-term unmarried partners, children born outside marriage and stepchildren receiving nothing.
There can also be extra legal fees, challenges and taxes.
New research shows less than a third (31 per cent) of those in Scotland have written a will, compared with 35 per cent in Wales.
In England, results were almost as poor with an average four in 10 (42 per cent) having a will in place.
When asked why they hadn’t made a will, four out of 10 of the 2,000-plus people questioned said they had nothing worth inheriting, one in five said writing a will had not occurred to them, and 16 per cent said they were too busy.
Even those getting older are either ignoring the importance of making a will or simply forgetting about it.
Which? Legal found that those that did have a will in place waited, on average, until they were 47 before writing it.
On leaving money to charity, 57 per cent people aged 18-24 said they would, compared with 19 per cent of those over 65, who said family took precedence.
A Which? Legal spokeswoman said:
“It’s clear that people don’t appreciate the risks of not having a valid will in place.
“Even if you think you have nothing worth inheriting, this is often not the case.”