· Over 30 million Britons are currently without a will, increasing from 28 million last year

· However, 92% of Brits know who they want to receive their assets when they die

· Over a third claim they simply have not got round to making a will

· 25 October marks the start of ‘Write a Will Week’

Unbiased.co.uk, the professional advice website, today announced the launch of its annual ‘Write a Will Week’ – beginning on Monday 25 October.  Unbiased.co.uk’s research* reveals there are now over 30 million adults (62%) without a will in place, rising from 28 million last year**.  Yet, 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.

Almost nine out of every ten (87%) under 35s do not have a will in place, falling to two thirds (67%) of those aged between 35 and 54.  Worryingly, still over a third (36%) of those over 55 are still without a will in place. 

What about the children?

Shockingly, 70% of adults with children under 18 do not currently have a will in place, rising from 65% last year. Under current rules, children not named in a will are only entitled to an inheritance if there is no surviving spouse of the deceased or if the estate is worth more than £250,000.  Despite this, over half (57%) of those without a will would like to leave some assets to their children and 69% would like to leave some assets to another relative. 

Only 6% of people without a will name ‘having children’ as a trigger to drawing up a will – highlighting the huge misconception on inheritance rules and leaving a worrying number of children largely unprotected. 

Spouses and civil partners

While over three quarters (76%) of responses for those who are married said they wanted to leave their assets to their spouse after they die, a spouse or civil partner only automatically inherits £250,000 if there is no will in place.  Over a third (38%) of those who aren’t married would like to leave their assets to their partner after they die, but unmarried couples have no right to inherit at all if there is no will in place. 

Why no will?

Apathy remains the number one reason for not writing a will, with over a third (36%) stating they just haven’t got round to sorting it yet, and 8% saying it never occurred to them.  Almost one fifth (18%) don’t think they have anything of value to leave behind. 

Although the average cost of seeking legal advice to write a will can be as low as £120 for singles and £200 for couples***, almost one in ten (7%) have not done so because they are worried about the cost involved.  A worrying one in ten (10%) of Britons even claim they don’t plan to ever make a will.  

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.  Not having a will in place could also result in inheritance tax being due before the estate is released, so your grieving family may be forced to take out expensive loans in order to release the assets. 

Karen Barrett, Chief Executive of unbiased.co.uk, “Thinking about the possibility of something bad happening to you is never an easy topic but nevertheless, it is hugely important. Our research clearly shows that the nation is gripped by ‘wills apathy’, leaving a large proportion of spouses, partners and children unprotected should anything happen to a partner or parent. 

“This is our second annual ‘Write a Will Week’ campaign and the topic has never been more important. Many people are simply unaware that should they die without a will, their assets are distributed according to the rules of intestacy – meaning their assets may not be going to those they would like them to go to. 

“But drawing up a will doesn’t have to be a daunting process. Professional legal and financial advice from a solicitor and an IFA means you can get your affairs in order so that your family or friends 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

* Opinium Research carried out an online poll of 2017 British adults from 24th to 27 September 2010.  Results have been weighted to nationally representative criteria.  UK Adult population 2010 is 49,121,000, 62% said they did not have a will in place 49,121,000 * 62% = 30,455,020.

** Opinium Research carried out an online poll of 2,005 British adults from 25th to 29th September 2009. Results have been weighted to nationally representative criteria. UK Adult population 2009 is 48,686,000, 57% said they did not have a will in place 48,686,000* 57% = 27,751,020.

*** Source: http://www.ifishoulddie.co.uk/making-a-will-c53.html

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.

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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