Over 50% of UK adults do not have a Will

As of the most recent data, a significant portion of the UK population does not have a will in place. According to Money & Pensions Service, over 50% of UK adults do not have a Will. This means that over half of the adult population in the UK risks having their estate distributed according to the rules of intestacy, which may not align with their wishes.

 

Key Statistics:

1. Younger Adults: The likelihood of having a Will increases with age. Among adults aged 18-34, the percentage without a will is much higher, with around 70-80% not having one.
2. Parents with Dependent Children: Surprisingly, even among parents with young children, a significant number do not have a Will. Around 59% of parents with children under 18 do not have a Will, which means they have not made provisions for guardianship or financial support for their children in the event of their death.
3. Older Adults: While older adults are more likely to have a Will, a notable percentage still do not. Around 30% of those aged 55 and over do not have a Will in place.

 

Reasons for Not Having a Will:

Procrastination: Many people assume they have plenty of time to write a will and put it off.

Misconceptions: Some believe that their assets will automatically go to their spouse or children, which is not always the case under intestacy rules.

Cost Concerns: Others are deterred by the perceived cost of writing a Will.

Lack of Awareness: Some people are simply unaware of the importance of having a Will or the consequences of dying without one.

 

Risks of Not Having a Will:

Intestacy Rules Apply: Without a Will, your estate is distributed according to strict intestacy laws, which may not reflect your wishes. For example, unmarried partners and stepchildren have no automatic right to inherit.

Delays and Costs: The process of administering an estate without a Will can be more time-consuming and expensive for your loved ones.

Family Disputes: The lack of clear instructions can lead to disagreements among family members.

 

Conclusion:

Given the high percentage of people without Wills in the UK, there is a clear need for greater awareness about the importance of Will Writing and Estate Planning. Taking the time to create a Will ensures that your wishes are respected, your loved ones are provided for, and potential disputes are minimised. If you don’t have a Will, it’s worth seeking professional advice, using a reputable Will Writing & Estate Planning service to get one in place.

• Control Over Asset Distribution: Writing a Will allows you to specify exactly how your assets should be distributed after your death. Without a Will, your estate will be distributed according to the rules of intestacy, which may not reflect your wishes.
• Property Protection: Property Protection Trusts can be created within your Will or Lifetime.  These trusts prove invaluable when it comes to re marriage, care fees, etc.  The UK is traditionally a nation of homeowners, and for most it is their biggest asset.
• Providing for Loved Ones: A Will ensures that your spouse, children, and other dependents are provided for according to your wishes. This is particularly important for unmarried partners, as they have no automatic right to inherit under the rules of intestacy.
• Appointing Guardians for Children: If you have minor children, a will allows you to appoint guardians to take care of them in the event of your death. This can provide peace of mind that your children will be cared for by someone you trust.
• Minimizing Inheritance Tax: Proper estate planning can help reduce the amount of Inheritance Tax (IHT) that your estate may have to pay. There are various strategies and allowances that can be utilised to minimize the tax burden on your beneficiaries.
• Avoiding Family Disputes: A clear and legally valid Will can help prevent disputes among family members and other beneficiaries. It provides a clear directive on how your estate should be handled, reducing the potential for conflict.  There are also trusts available to remove assets from any inheritance act claims.
• Protecting Business Interests: If you own a business, estate planning can ensure that your business interests are handled according to your wishes. This can include succession planning to ensure the business continues to operate smoothly after your death.  There are also trusts available within your Will to ensure that any IHT relief you may qualify for, is able to continue on your business shares, upon your passing.
• Charitable Donations: If you wish to leave part of your estate to charity, a will allows you to do so. This can also have tax benefits, as charitable donations can reduce the amount of IHT payable on your estate.
• Appointing Executors & Trustees: A Will allows you to appoint executors & trustees who will be responsible for administering & distributing your estate. These should be people you trust to carry out your wishes and handle your affairs responsibly.
• Handling Digital Assets: In today’s digital age, estate planning can also include instructions for handling digital assets, such as social media accounts, online banking, and other digital properties.
• Peace of Mind: Knowing that your affairs are in order and that your loved ones will be taken care of according to your wishes can provide significant peace of mind.

 

Given the complexities of estate law and the potential financial implications, it is always advisable to seek professional advice when writing a Will, and planning your estate. Estate Planning Specialists can provide valuable guidance to ensure that your wishes are clearly documented and legally enforceable.