New research has found that two-thirds of parents in the UK do not have a Will.
The survey, as part of a report looking at current attitudes towards retirement, asked 1,000 parents in the UK whether they had made a Will.
Based on a comparison with other nations, only parents in Canada were more likely to have written a Will.
The survey also found that nearly half of British couples with children did not have any life assurance in place.
Failure to plan ahead like this can result in dire consequences for families when one or both parents die.
Dying without a Will (known as dying intestate) can make the process of probate more complicated. It means your estate is divided up with reference to law of intestacy, rather than your wishes.
As we often have to remind clients, making a Will does not mean you are going to die!
November is Will Aid Month, where thousands of solicitors are offering to write your will in return for a charitable donation. The suggested minimum donation is £85 for a basic Will or £125 for a pair of basic mirror Wills.
You can find out more about Will Aid and find a participating solicitor at www.willaid.org.uk. Alternatively, speak to your Informed Choice Financial Planner to get a referral to a solicitor who is taking part in this initiative.
Photo credit: Flickr/iansand
