Over half of UK adults have never written a will, according to study

A study conducted by Canada Life, the life insurance provider, has shown that 56% of adults in the UK do not have a written will, equating to 29.6 million people.

While it might sound shocking, the majority of those who did not have a will naturally fell into a younger age bracket. However, there was still strong representation by the over 55’s, with 36% having no direction for how their possessions, property and wealth were to be portioned up after they die. 

When someone passes without a will, their estate falls into what is known as intestacy. This set of laws creates a hierarchical structure of beneficiaries based on the individual's status. The estate is then distributed depending on what family members and legal partners if any, that person had.

What it doesn’t take into account however are personal situations that aren’t bound by law. For example, if someone was separated but not divorced, their estate would be inherited by their legal partner, rather than someone they may be in a relationship with.

This is why it’s so important to make sure a will is in place, ensuring there are no complications that might make the situation more difficult for loved ones, at an already challenging time.

Speaking on the findings, Andrew Tully, technical director, Canada Life commented:

“A valid Will is an incredibly important part of your life plan and will ensure should the worst happen, your assets, whether they be financial or possessions, will be distributed in an orderly fashion to the right beneficiaries.

“A will is a very powerful document which will hopefully avoid legal wrangles and confusion over who will benefit from your estate. You can also leave a gift to charities of your choosing.”

It seems that the morbid nature of the pandemic might have caused a few people to think about this eventuality. Canada Life’s research showed that 8% of UK residents have written their first will since the UK’s first lockdown in March 2020, with 14% making amends in the same time frame.

Sources