Will Writing Statistics

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This is an article that shows the shocking statistics on how people in the England and Wales are failing to plan for the inevitable. Its grim reading and at the end of the day it will be families that loose out either through increased Probate fees or loosing out on whole inheritances.

According to new research the nation’s post-life planning is in a shocking state with almost two thirds (61%) of people not having a will, while one in ten of those with a will have told no-one else where it is.

The survey by Foresters Friendly Society and ICM found that a quarter of Brits have never thought about writing a will (24%) and a similar number (23%) think they are too poor to have one.

Nearly half of those aged between 55 and 64 have not made a will (46%) with over a fifth having never thought about making one (22%), while over one in eight (13%) are relying on self-written wills, the validity of which is more likely to be challenged upon death.

Children stand to be most affected by the state of Britain’s wills, the report continued, as over three-quarters (77%) of parents with children under the age of five have not made a will with nearly half those who have (46%) not reviewing it in the last five years.

The research was conducted by Foresters’s. Neil Armitage, marketing director at Foresters Friendly Society, believes people are facing significant risks by not creating or maintaining their wills.

“Our research has shown that Brits just aren’t planning for a future without themselves in it,” he said.

“People either don’t have wills or haven’t updated them or told people where they are. It’s a great risk to run when the fate of young children and a great deal of money is at stake.

“This is naturally a subject that people try to avoid but it’s crucial to face up to the inevitable.”

IFAonline is the leading news site for intermediaries and financial services professionals. With reporters specialising in investment, insurance, pensions and mortgages, IFAonline has all areas of the retail finance industry covered.