Survey reveals over half have not made a will
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Over 50 per cent of British adults do not have a will, even though they say the cost of preparing one is not an issue, according to research from Standard Life.
The company surveyed 1,000 adults and found that, of those without a will, one in five is over 65. Only 4 per cent of all respondents feel it is too expensive to have a will prepared.
Head of estate planning Julie Hutchinson says: “Despite the potential cost of a will not being a barrier, people’s lack of action could ultimately cost their families.
“The legal fees for untangling estates when someone dies without a will can be higher and the inheritance bill could be higher, not to mention the stress for the family and potential delay in distributing assets.”
Baronworth Investment Services dir-ector Colin Jackson says advisers have a role to play in ensuring that clients have a will drafted. He says: “Many of our clients are elderly so often have a will. That said, the issue of whether a client has a will should always be raised as part of an adviser’s first meeting with a client.”
Highclere Financial Services partner Alan Lakey says: “Less than half of the people I see do not have a will. I ask whether clients have a will as part of my fact-find. Asking the question can often lead to other financial planning opportunities, such as updating a pension beneficiary.”
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