The Importance of Making a Will: New Research Reveals Shocking Statistics
New research has revealed that half of UK adults do not have a will, leaving their assets and wishes vulnerable to the rules of intestacy. The survey, based on 2,000 UK adults, found that one in three adults aged 55 and over do not have a will in place, with Scotland having the highest proportion of people without a will at 64%.
The top reasons for not having a will included the belief that they do not have enough assets to warrant making one and the misconception that loved ones will automatically inherit their wealth regardless. Other reasons included affordability, procrastination, and lack of knowledge on how to write a will.
Without a will, individuals have no say in how their assets are distributed, leading to potential disputes among family members. Cohabiting partners who are not legally recognized may face challenges in inheriting assets, requiring them to go to court to make a claim.
The probate process, whether with a will or under intestacy rules, can also lead to delays, with the average wait time increasing in recent months. To encourage more adults to make a will, legal professionals are offering cost-effective options and flexible communication methods to make the process stress-free.
It is essential for adults to consider making a will to ensure their wishes are carried out and their loved ones are provided for in the event of their passing. Seeking guidance from a wills and probate lawyer can help navigate the process and avoid potential conflicts down the line.