
New research from Canada Life has revealed that over half of adults (51%) have not written a will, nor are they currently in the process of writing one. This includes 13% of people who state they have no intention to write a will in the future.
Nearly a third (30%) of those 55 or over do not have a will and one in ten (9%) of those 55 or over have not made a will and have no plans to.
The top reason for not making a will is the belief of not having enough assets or wealth to warrant creating one (26%). Others feel they have plenty of time to make a will (23%), while many UK adults avoid the topic of wills as they don’t want to think or talk about death (15%) or deal with solicitors (8%). Some do not want to pay for a will (14%).
The most common worries for not having a will is leaving loved ones with a lot of paperwork to deal with (27%), the belief that an estate won’t be divided up as the person would like (23%), that the estate might take a long time to resolve (18%), and that it will create arguments (15%). Four in ten (41%) UK adults said nothing worries them about not having a will.
More than half of adults with a will had it written by a solicitor (55%) and around one in six (16%) have written a will themselves – 6% on a piece of paper and the remainder via an online will writing service. Almost two-thirds (61%) of those who have written their own will did not seek legal or financial advice at any part of the process.
Stacey Love, Technical Manager – Tax, Trusts and Estate Planning, Canada Life said “It may feel like there are many reasons not to make a will, whether that be having time on your side, not having ‘enough’ wealth to pass on, it being a cost you could do without or unfounded assumptions that your estate will be divided up equally and as you see fit, without a will in place.
“However, it’s important to look beyond the short-term pain of having to think and talk about your own mortality as writing a will, will inevitably mean a long-term gain for your loved ones, when they do not have to worry about or deal with a huge additional burden, if the worst happens.
“If you have made a will, make sure you review it every so often, and especially when big life events have taken place like a divorce. You should also consider adding what you would like to happen with your digital assets if you haven’t already. This area is often overlooked but with around 95% of us owning at least one digital asset, it is becoming increasingly important to include your social media profile, smart phones, subscriptions etc. as part of your legacy planning.”