Recent research has shown that a staggering 51% of adults in the UK have neither penned a Will, nor are they in the process of doing so. The statistic encompasses 13% of individuals declaring no future plans to undertake this task.

Alarmingly, a significant portion of the older demographic, with 30% of those aged 55 and above, also find themselves without a Will, including 9% who have decisively chosen not to create one. The primary deterrent for many is the perception of insufficient assets of wealth, which was cited by 26% of respondents, indicating a widespread misconception about the necessity of a Will.

Common Misconceptions and Fears

A considerable number of Britons, 23%, procrastinate on making a Will under the assumption that there is ample time to address this matter. Additionally, the subject of Wills, combined with the discomfort of contemplating mortality, deters 15% of the population. Others express reluctance to engage with legal professionals or incur the costs of drafting a Will.

The apprehension surrounding the absence of a Will are significant; 27% fear leaving behind a heavy amount of paperwork for their loved ones, while 23% worry about the misallocation of their estate.

Impact of Not Having a Will

The consequences of not having a Will extend beyond mere inconvenience. Many express concerns over the potential for lengthy resolution processes, and fears of familial disputes. Interesting, a sizeable 41% of respondents claim to have no worries regarding the lack of a Will.

Among those who have taken the step to create a Will, 55% employed the services of a solicitor. By contrast, a smaller fraction, 16%, opted for a DIY approach, including handwritten attempts and online services. Despite the autonomy of creating one’s own Will, 61% did not seek legal or financial counsel during the process.

Importance of Creating and Updating Your Will 

The hesitancy to draft a Will stems from various reasons, including assuming plenty of time to draft one, misconceptions about wealth requirement and fears regarding costs or equitable estate division.

Nonetheless, the importance of drafting a Will exceeds these short-term concerns, offering long-term peace for your loved ones by mitigating potential burdens in unforeseen circumstances. For those who have taken the proactive step of creating a Will, it is crucial to regularly review and update it, particularly following significant life events such as a divorce, to reflect current wishes accurately.

Preparing or updating your Will is crucial for securing your legacy and ensuring your wishes are honoured. If you have any questions, need further information, or require professional assistance to drafting or revising your Will, we’re here to help; please do get in touch with us here.

This article does not constitute tax or legal advice and should not be relief upon as such.

The Financial Conduct Authority does not regulate on Estate Planning

Article taken from the One Four Nine Wealth magazine May/June Edition