New research has identified an alarming percentage of people failing to write wills.
The latest findings by the National Wills Report show that only 37% of people in the UK have written a will, a sharp decrease from the 50% recorded in previous surveys. For people estate planning in Cheshire and Oswestry, the choice is between determining what happens to your assets and someone else deciding further down the line.
Whilst will writing can be a sensitive subject, taking no action to secure the future of your assets can lead to problems at a later date. Many people are conscious of the need to plan their estates after death yet put off the decision. If the future of an estate is not formally settled, it risks leaving close family to struggle whilst much of it may end up with the wrong person or, ultimately, HM Revenue & Customs.
The findings tally with research by other organisations which has found that 76% of adults had not made arrangements to distribute their digital assets, at a time when 91% of people rely on digital banking. Financial advisers have stressed that wills are necessary to avoid relatives experiencing uncertainty.
For surviving family members, having to disentangle a deceased relative’s financial affairs can add to the emotional stress of bereavement.
October has seen the latest Free Wills Month in England and Wales, whereby any client aged 55 or over is eligible for a free will, with the support of a participating solicitor. Free Wills Month takes place in March and October every year.
