People in Britain are failing to prepare properly for the prospect of death with many failing to secure the fate of their families and their finances. According to new research a shocking 61% of the nation do not have a will. The survey, carried out by Foresters Friendly Society and survey firm ICM Direct, have also found that 24% have never even thought about making a will and 21% think they are too poor to have one. Out of those with a Will, one in eight haven’t reviewed it for over 10 years, and 1 in 10 have’nt told anyone where to find it after their death! Also 46% of parents with children under the age of five who do have a Will haven’t reviewed it in those five years. More worrying, two thirds of parents with children under the age of five don’t have a Will at all, and half of those aged between 55 and 64 also have not taken this essential step.
The study also shows that an alarming number of people are relying on self-written Wills even though professional legal advice and will preparation is not expensive.
Inevitably it is children of all ages who would be most affected if their parents were to die without a Will. Neil Armitage, marketing director for Foresters Friendly Society said: “Our research has shown that British people are not planning for a future without themselves in it. It is a great risk to run when the fate of young children and a great deal of money is at stake.”
The survey did find that 80% of people would prefer to make a Will in a face-to-face situation with an expert advisor and a spokesman for Edinburgh-based IFA firm Wealthflow said: “Ultimately it is a good idea to get advice and to make a Will. It makes things easier for beneficiaries suffering from bereavement”.
This article is intended for general information purposes only and shall not be deemed to be, or constitute legal advice. Newnham & Jordan Solicitors, in Wimborne Dorset, cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.
