Third Of UK Adults Over 55 Don't Have A Will In Place

Over half (57%) of UK adults don’t have a will in place, including a third (32%) of over-55s, reveals new independent research conducted on behalf of Handelsbanken Wealth & Asset Management, highlighting a critical gap in estate planning across the nation.

Handelsbanken Wealth & Asset Management’s study shows that this figure rises to four out of five (79%) of 18-34 year-olds, putting families at risk of undue stress, potential legal disputes, and unintended inheritance and guardianship outcomes, should someone die intestate.

A lack of knowledge around how to put a will in place was cited as the main driver for people not having one – selected by 11% of respondents – followed by concerns around the expense involved (10%), and the thought of it causing too much emotional discomfort (6%).

The research also suggests a level of unease around discussing wills with their family – another potential hindrance. Just over half of Brits feel comfortable talking about their will with their partner (55%) and children (50%), with far fewer feeling able to broach the subject with their parents (17%) or siblings (20%).

Christine Ross, Head of Private Office (North) and Client Director at Handelsbanken Wealth & Asset Management, comments: “While these conversations can sometimes be very difficult to have, avoiding the topic won’t make it go away. Putting a will in place can help you protect both your assets and your loved ones during a difficult time. Having an open and frank dialogue can give your family much-needed peace of mind that the right plans are being put in place."

“There are plenty of avenues people can explore for getting started. As with most areas of life, taking good, professional advice is usually a good place to begin, but there are also reputable public resources such as the government’s “Making a will” page. Whatever your approach, the outcome should be a will that best suits your needs and situation.”

The study reveals that for those who do have a will in place, the primary reason is to have control over who should receive specific assets. This was selected by over a third (36%) of respondents, followed by a desire to minimise familial disputes (25%) and life changes such as a marriage, divorce, or birth of child, prompting them to (22%).

“While it’s encouraging to see that major milestones and events are triggering people to put a will in place, it’s equally important to remember that wills should be regularly be reviewed as well, to ensure they remain both relevant and legally sound”, adds Christine Ross.

“Our research shows that over half of UK adults (53%) have no set plan to do so, and this could make them vulnerable to changing tax laws and inheritance regulations, as well as shifting family dynamics, to name just a few.”