Half of Britons don’t have a will: Here’s why it’s important to make one

• 1 in 3 adults over 55 don’t have a will
• About 1 in 6 people do not intend to make a will in the future
• A quarter of people without a will don’t think they have enough money to care for them

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A new survey shows that half of UK adults don’t have a will and many don’t think they have enough wealth to warrant one.

More than two-fifths of Britons aren’t worried about not having a will, according to a survey by Canada Life, a pension and insurer.

People generally worry more as they get older, but it turns out that 1 in 3 adults over the age of 55 has yet to make a will.

When asked why they didn’t, a quarter said they didn’t feel they had enough assets or wealth, and almost one in five said that their loved ones automatically gave up their wealth. I answered that I thought I would inherit.

Other common reasons for not writing a will include not being able to afford it, believing you have plenty of time to do it, not knowing how to write one, and not wanting to think or talk about death.

We’ll take a look at why writing a will is important, how to make one, and what should be included.

Why should I make a will?

Making a will is not just about choosing who receives a share of your property after you die.

First of all, dying without a will is likely to leave your loved ones with a pile of bureaucracy as you try to figure out where your savings, investments, and loans are.

And the common assumption that everything automatically passes to loved ones isn’t always accurate.

Many couples forget that under current succession law in England and Wales, unmarried cohabitants have no automatic entitlement under the intestate rule. It is essential to ensure that it is passed on to the surviving partner as is.

A will is also a valuable tool for single parents with young children to ensure that their children are cared for by someone they trust.

Without these provisions in the will, a court may decide who should be responsible for parenthood.

Stacey Love, Technical Manager, Tax, Trust and Estate Planning at Canada Life said:

“Dying without a valid will, regardless of age, can be a huge burden when loved ones are already vulnerable and struggling to cope.”

She adds:

“Even digital assets such as social media accounts and cryptocurrencies can have value. After all, data is the new gold.”

For many people, it may also be wise to write a will if their property may be subject to inheritance tax.

Assets passed to a spouse at death have no inheritance tax liability, but if you pass them on to someone else, they will eat into your non-IHT benefits and be taxed at 40% beyond that.

Anyone can now transfer £325,000 in cash and assets tax-free.

Spouses and civil partners can pass unused benefits to their surviving partner, doubling the free amount of IHT up to £650,000.

This threshold can increase to £500,000 if they give their primary home to their children (including adopted children, adopted children or grandchildren).

So for a married couple with children, in total £1 million can be handed over.

where to make a will

This depends on your personal preferences, how much you want to spend, and the complexity of your financial situation.

Many charities offer ‘voluntary’ services, but that usually comes with the expectation of leaving a legacy to the charity.

Some retailers also sell “will packs” that allow people to do it themselves, but they must be present when signing the document.

Most solicitors offer low-fee deals in will-making services, and employers may offer third-party testamentary services to their employees.

There are also online will companies such as farewell* It provides a faster, easier, and more cost-effective way to divide real estate than traditional processes.

Farewill has a 4.9 star rating from over 13,000 reviews on Trustpilot.

£90 for online wills and £140 for couples. Or you can do this for £240 over the phone or £380 for a couple.

The initial cost includes unlimited changes for 1 year, so you can renew anytime during the first 12 months.

Then you can continue to renew for just £10 a year.

What should be included in a will?

A will must list all persons or charities to whom money or possessions will be left after death. We also need to clarify who will be caring for children under the age of 18.

Also, appoint an executor. These are the people who organize the property and carry out the wishes of the will.

It also typically includes a register of assets. This includes, for example, all bank accounts, investments, pensions, and insurance policies to avoid family members struggling to figure out someone’s finances.

How will my relatives know about my will after I die?

Once you have made your will, it is wise to tell your close friends and family where your will is.

Those who use an attorney to make a will should also ensure that they and the executor have a copy.

In addition, it is also possible to create a will using a nationwide will making company such as certainty. For those who can’t find their loved one’s first will, these are a good place to start.

Love adds: Talk to your family and let them know where it’s kept.

You also need to make sure that your family situation changes over time and your will evolves as well.

“It’s human nature to not want to think about death, but writing a will can take a huge burden off your shoulders and that of your loved ones.

“Don’t be afraid to talk openly with the person you want to leave a legacy.

“Professional financial and legal advisors are also valuable sources of independent advice and guidance.”