Research identifies that over half of adults do not have a Will
Recent research has uncovered that a staggering 51% of adults in the UK have neither penned a Will nor are they in the process of doing so[1]. This statistic encompasses 13% of individuals affirmatively declaring no future plans to undertake this task.
Alarmingly, a significant portion of the older demographic, with 30% of those aged 55 and above, also finds themselves without a Will, including 9% who have decisively chosen not to create one. The primary deterrent for many is the perception of insufficient assets or wealth, cited by 26% of respondents, indicating a widespread misconception about the necessity of a Will.
Common misconceptions and fears
A considerable number of Britons, 23%, procrastinate on making a Will under the assumption that there is ample time to address this matter. Additionally, the subject of Wills, intertwined with the discomfort of contemplating mortality, deters 15% of the population. Others express reluctance to engage with legal professionals (8%) or incur the costs of drafting a Will (14%).
The apprehensions surrounding the absence of a Will are significant; 27% fear leaving behind a cumbersome amount of paperwork for their loved ones, while 23% worry about the misallocation of their estate.
Impact of not having a Will
The repercussions of not having a Will extend beyond mere inconvenience. Many express concerns over the potential for lengthy resolution processes (18%) and fears of familial disputes (15%). Interestingly, a sizeable 41% of respondents claim to harbour no worries regarding the lack of a Will.
Among those who have taken the step to create a Will, 55% employed the services of a solicitor. By contrast, a smaller fraction, 16%, opted for a DIY approach, including handwritten attempts and online services. Despite the autonomy of creating one’s own Will, 61% did not seek legal or financial counsel during the process.
Importance of creating and updating your Will
The hesitancy to draft a Will often stems from various reasons, including perceived time abundance, misconceptions about wealth requirement and apprehensions regarding costs or equitable estate division.
Nonetheless, the importance of drafting a Will transcends these short-term concerns, offering long-term peace for your loved ones by mitigating potential burdens in unforeseen circumstances. For those who have taken the proactive step of creating a Will, it is crucial to periodically review and update it, particularly following significant life events such as divorce, to reflect current wishes accurately.
Source data:
[1] The survey conducted by Opinium among a national representative sample of 2,000 UK adults between 23–27 February 2024.
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