Despite its importance for Financial Planning, a new survey has found that six in ten British adults do not have a will.
The research from Standard Life found that 61% of Brits don’t have a will.
24% of those who are 65 or older, an age group where having a will becomes of even greater importance, do not have a will.
Perhaps most dangerous, 27% of parents with dependent children do not have a will, according to Standard Life.
In fact, people with no children were found to be more likely to have a will than those with children in the household.
Whilst creating a will can be an uncomfortable and sometimes scary thing to do, it is of vital importance if you are ensure that the right people will receive the value of your estate when you die.
Writing a will is even more important for parents, as it can be used to create a formal record of wishes in respect of the guardianship for your children.
Dying without a will (known as dying intestate) can result in the wrong people receiving your inheritance, as your assets are divided according to ancient legislation rather than your wishes and the unique structure of your own family.
If you have not yet made a will, meeting with a Financial Planner is a good place to start.
Whilst we do not offer a will writing service here at Informed Choice, we work with our clients to help them understand their financial priorities and accurately record their various assets, including financial policies, before sending them to meet a suitably qualified and experienced solicitor.
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