Nearly half UK of adults have not written a will, nor are they currently in the process of doing so, according to research published by life insurer Canada Life.
Over a quarter said they do not have enough assets or wealth to warrant making a will, closely followed by 20% who believe they still have plenty of time to make one.
Additionally, the research found that 15% do not want to pay to write a will, while 14% believe their loved ones will inherit their assets automatically.
Stacey Love, Tax and Estate Planning Specialist at Canada Life, said:
‘Passing away without a will in place can place a significant burden on our loved ones. However, our research highlights that, up and down the country, people are not planning ahead or having conversations about the future.
‘No matter your age, writing a will should be a priority, even if you don’t think you have any real wealth to pass on. It’s also very important to have open, honest conversations with your loved ones about your inheritance plans, so they know what to expect.
‘Once your will is written, remember to review it every few years to make sure it remains accurate. Family circumstances can change over time, and so your will needs to reflect this.’
Internet link: Canada Life website