December 31, 2015

10 Triggers for Writing a Will

Research from The Co-operative Legal Services has found that as many as 60% of UK adults do not have a Will and as a result could be at risk of losing control over what happens to their estate should they pass away. When looking in more detail at those who made a will, the research shows the average age people first wrote their will was 42.  However the figures also highlight that 1 in 4 left it until after the age of 55, to write their first will.

What triggers people to write a Will?

  1. Arrival of grandchildren 19%
  2. Reach a milestone age 18%
  3. Birth of a child 15%
  4. Death of a relative 13%
  5. Bought a property 11%
  6. Got separated / divorced 9%
  7. Inherited some money 9%
  8. Got remarried 8%
  9. Health scare / issue 5%
  10. Got married for first time 5%

Why do 30 million people in the UK not have a will?

Here’s what some people in Manchester said when we asked them:

 

What happens when there is no Will?

If you die without a Will in place in England or Wales, this is called dying Intestate. The Rules of Intestacy would then apply meaning that the law will decide who inherits your estate, for example, who gets your property, car, financial assets, your possessions and even your pets.

If you die with no valid Will in place and you have no living family members entitled to inherit your estate, your estate would be distributed according to the Rules of Intestacy, which could mean that the Crown will inherit everything.

However it is estimated that there is currently more than £600m sitting in unclaimed bank accounts, £44m in unclaimed premium bonds and more than £3bn in stocks and shares in the UK.

Where to start if you want to make a will?

If making a will is on your to-do list this year here’s how you can make a start:

Consider what you need to include when making a will

Find out the cost of making a will

Remember why it shouldn’t fall off your to-do list

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Legal Services