Worrying new research from Standard Life shows that despite being an important part of family financial planning, six out of ten (61%) of British adults don’t currently have a will drawn up.
Those with children are less likely to have a will
The research conducted by the long-term savings and investment company reveals that this becomes even more worrying when looking at the figures of those with children in the household and also by age.
People with no children (41%) in the household are more likely to currently have a will in place than those with children at home (27%).
Looking at the age breakdown, more than two-thirds (77%) of 35-to-44-year-olds don’t have a will in place, while more than half (56%) of 45-to-54-year-olds, two-fifths (42%) of 55-to-64 year-olds and almost a quarter (24%) of 65 and overs are currently without a will.
People haven’t got around to it
Standard Life’s research reveals that three out ten (31%) of those currently without a will claim the main reason is that they just haven’t got round to doing it yet. This figure is consistent for those 65 and over, with 30% stating they haven’t got round to creating a will.
Head of technical insight at Standard Life, Julie Hutchison said: ‘Creating a will can be seen as a difficult and uncomfortable thing to do. The modern family can be complicated, we’re all rushed off our feet and we don’t really like to think about death.
‘But the reality is if you were to die without a will the emotional strain on your family could far outweigh the time and money spent in sorting your will out in advance.’
Which? expert Ian Robinson added: ‘Making a will ensures your estate is distributed in accordance with your wishes. It doesn’t take long and need not be expensive. Use a solicitor or the Which? Will writing service if you’d prefer an online solution.’