Reports suggest that around a fifth of people think they are not wealthy enough to leave a Will, even though the average homeowner now has over £214,000 worth of property as part of their estate.
Overall, 60% of Britons do not have a Will but this varies dramatically depending on someone’s age and where they live. Of all age groups, those between 18 and 34 are the least prepared with only 17% having a Will in place. Despite being the age bracket most likely to have dependent children, a staggering 68% of people aged between 35-54 are yet to write their Will.
There is also a stark difference between regions; Sixty-seven per cent of people in the North West have no Will, while the figure is 64% in London – despite being highly likely to own expensive property. However, those in the North East are better prepared, with 46% having written a Will.
Tom Curran, Chief Executive at Kings Court Trust said: “The report highlights how fewer people have a Will in place in 2016 than in previous years. It is hugely important to think about how you want your estate to be distributed as it could be the difference between it being shared amongst your loved ones in line with your wishes, or a potentially divisive family argument.
It is important that people understand the benefits of planning ahead, regardless of our age or health. By ensuring that your Will is clearly and professionally written, your estate can be dealt with as smoothly as possible, reducing the likelihood of loved ones being unintentionally excluded when it comes to their inheritance.”
Kings Court Trust always recommends that individuals seek professional advice from a Will writer to ensure that the Will is clear and legally binding. If you would like more information on appointing a professional Will writer, please visit The Institute of Professional Will writers website at www.ipw.org.uk.