More adults than ever are risking intestacy as a study reveals a continued lack of awareness surrounding legacy planning.
The research, published by legal services software developer Willsuite, indicates that the average age an adult drafts a Will in the UK has increased from 56.5 to 58.
The finding forms part of Willsuite’s annual analysis of the Will writing industry in England and Wales, which is based on its own data of 50,000 Wills and over £6 billion in pledged gifts.
Despite adults considering wills at a later age, the research shows growing interest in later life planning. In fact, almost as many Lasting Powers of Attorneys (LPAs) were drafted last year than Wills.
Commenting on the report, Seb Shakh, director of Willsuite, said: “I think the report shows we as an industry need to do more to ensure we still appeal to a younger and more tech-centric market, and that we can do more to promote charitable giving. I’m keen to see how we can accomplish this over the next year.”
The study comes after research revealed last year that more than half of parents in the UK with children under the age of 18 have not made a Will. The report, published by charity Will Aid, found that 56 per cent of mothers and fathers have not specified how their estate should be distributed on death.
When you die without a Will (known as dying intestate,) your property and possessions will be divided in accordance with the law instead of your wishes. This can often result in someone receiving a share of your estate who you did not intend to be included.
Don’t delay writing your Will. For help and advice, get in touch with our expert later life planning team today.