In a recent survey, Royal London the UK’s largest mutual life and pensions company reported that 54% of UK adult do not have a Will. This is a slight increase on the 2015 reported figure.
A spokesperson for The National Will Register commented: “If you do not have a Will your estate (your property, assets and possessions) may not be inherited by the people you intended. Without a Will your estate is deemed ‘Intestate’ and is distributed according to the intestacy rules set out by the government, again this may be very different to who you wanted to inherit.”
A Will is a legal document which outlines who you want to inherit (your Beneficiaries) and who you would like to oversee the distribution of your estate (your Executors).
According to Wills Trusts LPA Essex, a Will is not typically expensive to have drafted either and you do not have to be rich or poor to have a Will. Without a Will, additional and unnecessary emotional and financial stress can fall on your loved ones after you have gone.
The National Will Register says one of the key triggers for writing a Will is following the death of a loved one. Especially a loved one that does not have a Will as it highlights the issues the family have because a Will was not written or could not be found. However, they say everyone should have a Will no matter what their financial circumstances are as it provide clarity and peace of mind for those left behind.
A spokesperson for The National Will Register commented: “One of the biggest problems that family members face when somebody has died is understanding if a Will exists, locating it and ensuring it is
the very last version. Most law firms register their clients’ Wills with The National Will Register free of charge to avoid this situation.”
