New research has shown that many Britons are still leaving it far too late to write their will.
A recent survey of 750 adults found that despite a number of campaigns to raise awareness about the dangers of not putting your affairs in order, there was still a worrying sense of apathy among large sections of the population.
Ironically, while major milestones such as getting married or having children don’t often convince people that they need to write a will, the first appearance of grey hairs is sometimes the shock to the system that people need.
Around one in five who took part in the study admitted that they had been forced to reconsider because of noticeable signs of ageing.
Those questioned were aged 18-40 and it was apparent that many were planning to wait until at least their late 50s before they made a will, rationalising that by then they were more likely to be in a long-term relationship, have substantial assets to bequeath and be suffering ill health.
Other key findings included:
- More than three quarters of respondents did not understand what dying “intestate” meant or the possible consequences for their loved ones.
- An overwhelming majority (around 85 per cent) were keen to reduce their Inheritance Tax (IHT) liability.
- Of those who had made a will, only a quarter understood terms such as “probate” and “executor.”
- A third of people in a relationship had not discussed with their partner what would happen in the event that either one of them died.