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Parents failing to make wills

Nearly half of parents have made no will, according to research from Barclays.

It polled 1,019 adults and found 48 per cent of parents and overall 19 per cent of people over 65 have not made a will.

Barclays points out that if there is no will then, in intes- tacy, if the deceased has children only 125,000 of an estate will pass to a spouse – plus income for life from half of the remaining amount – with the remainder being split equ- ally between the children.

If there are no children, the spouse could receive 200,000 and half the balance of the estate. Payouts to other relatives might mean that the family home needs to be sold, says Barclays.

Fifty-six per cent say they have not got around to making a will, with other reasons given as being “too young”, not having “enough time to think about it” and finding it “depressing”.

Barclays Financial Planning director Stephen Ingledew says: “Writing a will is the easiest way to protect your wealth and ensure it is left to whom you want. However, an astonishing number of Bri- tons are choosing to postpone writing their wills, even if they have got children or have already retired.

“We suggest that people coming back from their summer holidays take a little time to sit down and write or update their wills, saving an enormous amount of worry for themselves and their families.”

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