Who will benefit from your inheritance? Friends, partners and relatives are in the money
- 87% of people want to leave their inheritance to members of their families
- Almost 1.5 million people plan to leave their assets to those caring for their pets
While it is not surprising that families top the list of people we want our money to go to when we die, it seems Britons are planning on spreading their assets to a far wider group of beneficiaries. New research[1] from unbiased.co.uk, as part of this week’s ‘Write a Will Week’, shows that charities, friends and pets are all set to benefit from inheritances.
The nation’s favourite beneficiaries are the ones closest to their hearts – with 87% naming their family as the people they want their assets to go to. Yet the nation’s nearest and dearest also include their furry friends, with 1.5 million people[2] wanting their pets to inherit their money. One million people[3] plan to pass their assets on to the church and nearly 4.5 million[4] want to make a specific charity the beneficiary of their estate.
As well as ensuring your money goes to your chosen benefactor after you die, consideration also needs to be given to the inheritance tax savings which result from having an efficient will in place. Inheritance tax is 40%, but an independent financial adviser (IFA) will be able to advise you on how to be as tax efficient as possible in your estate planning.
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Where people would like their assets to go when they die |
Number of people |
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My children |
28,761,478 |
|
My spouse/ partner |
25,717,291 |
|
Another relative |
8,767,258 |
|
A specific charity |
4,407,983 |
|
A friend |
3,117,247 |
|
My pet |
1,436,856 |
|
The church |
1,022,847 |
|
My secret lover |
462,716 |
|
The local community |
389,656 |
|
The government |
316,595 |
|
A stranger |
194,828 |
|
Other |
852,372 |
|
I wouldn’t want it to go to anyone |
170,474 |
However, while over nine out of ten people (92%) have a clear idea of who they would like to see their money go to when they die – over 30 million people currently are without a will in the UK, meaning their best intentions on who should inherit may not come to fruition. Unbiased.co.uk’s annual ‘Write a Will Week’ highlights the importance of having an up to date will in place as dying intestate means there is a strict order of who gets what, and if no one comes forward then it all falls to the Crown.
Karen Barrett, Chief Executive of unbiased.co.uk comments, “With over nine out of ten people knowing where they want their money to go to after they die, it is shocking that there are still over 30 million people currently without a will. Family structures are constantly evolving, less people are getting married, and an increasing number of people wish to leave money to charities or friends, therefore it has never been more important to clearly state your wishes in a will. This will give you peace of mind your money will go where you want it to after you die and ensure you don’t end up paying more than you should to the taxman. Drawing up a will doesn’t have to be daunting or hugely expensive. Professional legal and financial advice from a solicitor and an IFA means you can get your affairs in order so that your family, friends or even secret lover receive the inheritance you wish them to. You can carry out a free and independent search at unbiased.co.uk to find a local IFA and solicitor.”
ENDS
[1] Opinium Research carried out an online poll of 2017 British adults from 24 to 27 September 2010. Results have been weighted to nationally representative criteria.
[2] 59/2017* 49,121,000 = 1,436,856 people
[3] 42/2017* 49,121,000 = 1,022,847 people
[4] 181/2017* 49,121,000 = 4,407,981 people
Karen Barrett, Chief Executive, unbiased.co.uk: 020 7833 3131
Anna Schirmer/Anna Moulds/Ellie Brooke, Lansons Communications: 020 7294 3682
For expert commentary or case studies from over 150 media-friendly IFAs, journalists should visit www.unbiased.co.uk/bluebook.
Twitter: @unbiased_co_uk
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About unbiased.co.uk, the professional advice website
The unbiased.co.uk portal is a free and confidential UK-wide search matching consumers with local professional advisers: ‘find an IFA’, ‘find a mortgage adviser’, and ‘find a solicitor’, and is currently inviting registrations for its ‘find an accountant’ service. These searches enable consumers to find professional advisers by postcode, area of specialism, qualification and payment method. In 2009, unbiased.co.uk fulfilled half a million searches for local, professional advice.
IFA Promotion, the organisation behind unbiased.co.uk, is now in its 21st year, and was set up to promote the benefits of independent financial advice to consumers. IFAP is sponsored by the following companies:
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AEGON |
J.P. Morgan Asset Management |
|
Alliance Trust |
Legal & General |
|
Aviva |
Lockton |
|
AXA Life |
Lutine Assurance Services |
|
Bright Grey |
MetLife |
|
Canada Life Ltd |
Opinium Research |
|
Cardif Pinnacle |
Prudential |
|
The Children’s Mutual |
Royal London 360° |
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Clerical Medical Investment |
Scottish Life |
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Ecclesiastical Investment Management Ltd |
Scottish Widows Plc |
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Franklin Templeton Investments |
Standard Life Assurance Company |
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Friends Provident |
Sun Life Financial of Canada |
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ICM Research |
Zurich Intermediary Group |
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Invesco Perpetual |
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Registered Office: unbiased.co.uk is the consumer brand of IFA Promotion Ltd, 90 St. Vincent Street, Glasgow G2 5UB. Registered in Scotland: No. 114606