New research has identified a remarkably large percentage of people who are not preparing wills. This has led to calls for more information and education about the importance of adequate future estate planning, and in seeking solid, professional financial advice to guide them along what can be a sensitive process.
Data collated across the UK found that nationwide, over 44% of adults across the country are living without a will. A number of cities in the north of England, specifically Leeds, Sheffield and Nottingham, had the highest number of adults without wills, with over half of those surveyed wholly unprepared.
When asked why, four core factors were cited by respondents. Of these, 26% queried whether they held enough assets of value to justify writing a will; 20% said they had ample time ahead to prepare; 15% cited a fear of legal probate costs; while 14% assumed that fortunes were passed down automatically, negating the need to formalise the details in writing.
Failure to prepare a will can ultimately lead to significant difficulties for family members or other nominated recipients at an emotionally stressful and potentially difficult financial time, resulting in uncertainty and possible disputes. Tax and estate planning experts advise people to not only write a will but also review and redraft it periodically to factor in changing family circumstances.
If you are estate planning in Cheshire and seeking professional advice on bequeathment of assets, contact specialist local financial planner Hartey Wealth Management today to discuss suitable options.
