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 harbor 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.

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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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