‘Will' your loved ones get your inheritance?

Despite being a fundamental piece of family financial planning, six out of ten (61%) of British adults don't currently have a Will drawn up, according to research by Standard Life.

The research conducted by the long-term savings and investment company reveals that this becomes even more worrying when looking at the figures of those with children in the household and also by age.

People with no children (41%) in the household are more likely to currently have a Will in place than those with children at home (27%).

Looking at the age breakdown, more than two-thirds (77%) of 35 to 44 year olds don't have a Will in place, more than half (56%) of 45 to 54 year olds, two-fifths (42%) of 55 to 64 year olds and amazingly almost a quarter (24%) of 65 and overs are currently without a Will.

Julie Hutchison, head of technical insight at Standard Life, said: "Creating a Will can be seen as a difficult and uncomfortable thing to do. The modern family can be complicated, we're all rushed off our feet and we don't really like to think about death. But the reality is if you were to die without a Will the emotional strain on your family, friends and loved ones could far outweigh the time and money spent in sorting your Will out in advance."

The fact the number of people without a Will who live as married is so high (78%), is alarming, according to Ms Hutchison: "Couples who aren't married or in civil partnership, do not have the same legal protection as married couples if they die without a Will in place. If one were to die, the money could be passed onto their parents, or family member before their partner. This can of course lead to unnecessary legal complications and emotional hardships that can be easily avoided. Therefore a large proportion of this group really need to review their circumstances and prioritise the value of having a Will to protect their partner and any children they might also have in the relationship."

Standard Life's research reveals that three out ten (31%) of those currently without a Will claim the main reason is that they just haven't got round to doing it yet.  This figure is consistent for those 65 and over, with 30% stating they haven't gotten round to creating a Will. The next highest reasons are that people don't think they have any substantial assets or that they are too young (both 17%), followed by one in ten (10%) who simply haven't thought about it. The percentage of those who felt it was too expensive to have a Will prepared was very low at only 7%.  

Ms Hutchison continued: "As the research proves, the vast majority of people currently without a Will aren't concerned about the cost of creating a Will. However, the fact that they're using lack of time as an excuse shows a real sense of people's priorities. Though the decisions that need to be made might take some time to think through, finalising a Will is not an arduous process and can be done quickly. And also while some might not believe they have any substantial assets to pass on, it's important to remember that having a Will in place is about peace of mind, and confidence in having your affairs in order."

Regionally Yorkshire & Humber is the least likely to have a Will (67%), followed by London (66%), the North West (65%), West Midlands (64%), East Midlands and Wales (both 63%), East of England (59%), South West (58%), South East (57%), Scotland (55%) and the North East (53%).