One critical piece of advice which applies to everyone is, don’t die without a will.
New figures have found that more than 128,000 over 55s failed to heed this advice last year.
This is the number of older people who died without a will in 2015, according to the research by SunLife.
Their data shows that 23% of over 55s have no will in place.
This means that as many as 128,071 over 55s died without a will – known as intestacy – last year.
The research was published to coincide with Free Wills Month. This is a national campaign where charities offer the over 55s the chance to have a simple will written or updated free of charge.
According to Graham Jones, director at SunLife,
“Death is such a taboo subject”,
“People do not like talking about it, and as a result, they are not planning for it. But without a Will, you have no say in how your assets are shared.
“Writing a Will gives you piece of mind that your affairs are in order and your wishes are respected.
It also avoids difficult decisions and legal complications for your loved ones. And by taking advantage of Free Wills Month, it is also a great way of supporting a range of very worthwhile charitable causes.”
Despite the importance of making a will and ensuring you don’t die without one in place, the numbers failing to make this important provision for their families appears to be growing.
Citizens Advice found the number of people who have died without making a will has more than doubled in the past five years.
[tweet_box]More than 128,000 over 55s died without a will last year. Don’t join them.[/tweet_box]The SunLife Cost of Dying report 2016 shows that more than a fifth of those administering the estate of someone who died without a will face difficulties.
This was compared to less than one in ten of those administering an estate where the person had a will in place.
Talking about and planning for our deaths is rarely something at the top of our list of priorities.
As part of a wider Financial Planning exercise, we are able to work with our clients to think about this aspect of the future and put the right measures in place.
