With March marking Free Wills Month, a study by Charles Stanley revealed that 26% of people aged 55 and over still do not have a will in place, putting their assets at risk of being distributed according to legal rules rather than personal wishes.
The campaign, which offers those aged 55 and over the chance to have a will drafted or updated for free, also highlights a significant lack of estate planning across all age groups.
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Furthermore, nationally, nearly half (46%) of adults admit they do not have a will.
The research sheds light on the reasons behind this, with 58% of over-55s saying they simply haven’t thought about writing one.
Others believe they don’t need one, with 11% assuming their assets will automatically go to their spouse, 8% expecting to have nothing left to pass on, and 7% indifferent to what happens after their death.
Cost and confusion also play a role, 9% say they can’t afford to write a will, while 7% don’t know where to start.
Lisa Caplan, Director of Advice and Guidance at Charles Stanley Direct expressed: “We were astounded to see how many people still do not have a will in place. While thinking about our own mortality is something we’d rather avoid, it is an important consideration to factor in when it comes to wealth planning, inheritance, and also any loved ones we may be leaving behind.
“Inheritance can be a complicated labyrinth to navigate no matter how much wealth you have, and speaking to a financial adviser can help clear things in your mind while also putting effective estate planning strategies in place to structure your estate to make sure your beneficiaries get as much as possible when you die.
“A will forms an important part of this inheritance planning and is one area where you can still establish some certainty that your wishes will be carried out after you’re gone. It can also help your family manage your affairs more quickly, avoid infighting and ease the process at what will be an incredibly difficult time for them.”
Moreover, the study also found that while 59% of those with a will paid a professional to draft it, a smaller portion used free will-writing services offered by charities (8%) or other organisations (7%).
Experts urge those without a will to take advantage of Free Wills Month, ensuring their assets are handled according to their wishes and sparing loved one’s unnecessary legal complications.
