Published On: 19 June 2023

Planning for the future is a topic that many of us tend to avoid, and it’s understandable. However, it is crucial to overcome this psychological barrier if we want our wishes to be fulfilled and our loved ones to receive the rightful inheritance they deserve.

According to recent data from the National Will Register, over 40% of adults have yet to discuss what should happen to their estate after their passing. When asked why, a quarter of respondents mentioned finding the subject too morbid to contemplate, while nearly 20% admitted they simply didn’t consider the implications of their own mortality.

Surprisingly, even individuals aged 55 and above show hesitance in discussing this matter, with three in ten people in this age group having not broached the topic with anyone.

Additionally, almost half of those surveyed stated that their parents had not provided any instructions or details about a will, with only a third being informed of its location.

Undoubtedly, the reluctance to discuss or think about death lies at the heart of this issue. However, several other factors contribute to these concerning trends. For instance, many individuals who cohabit but are not married mistakenly assume that if they die without a will, their partner will automatically receive everything when, in reality, it would go to their closest living blood relatives.

A recent study by the Women and Equalities Committee highlighted that 46% of people in England and Wales incorrectly believe that cohabitants living together form a common-law marriage, granting them rights equivalent to those of a marriage or civil partnership.

Others may simply believe they do not need a will. The National Will Register survey discovered that nearly one in three people do not think they possess enough assets to warrant creating one, and one in ten feel their estate is too straightforward.

These findings indicate that more extensive efforts are required to educate people about estate planning, as individuals may make costly mistakes that do not align with their true wishes. Additionally, there may be a need for increased awareness on how to create a will, as a striking one in ten respondents admitted they did not know how to go about it.

Statistics from the National Will Register reveal that only 44% of adults in the UK have drafted a will. Interestingly, men are more likely to have a will in place compared to women, with 50% of males and 39% of females having taken this step. Moreover, men are more inclined to discuss estate matters, as 62% of them have initiated conversations with their loved ones, compared to 55% of women.

Among those who have not yet created a will, two-fifths simply haven’t found the time to do so. Unfortunately, we can never predict when our time may come or how urgently a will might be needed.

Delaying the organisation of your affairs is not advisable. Ensuring your wishes are documented and your loved ones are well taken care of in case of the unthinkable is of utmost importance. If you require any guidance on making a will, estate planning, or managing your broader financial matters, please feel free to reach out to us.

Our team of professional, regulated experts is here to discuss these crucial matters with you, ensuring you are well-prepared for the future.

 


Sources

https://committees.parliament.uk/committee/328/women-and-equalities-committee/news/172666/myth-of-common-law-marriage-leaves-disadvantaged-groups-disproportionately-at-risk/

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