Latest research from online will creation provider, Affio reveals that many people are reluctant to write a will, unaware of the various ways to do so, and also unsure how much it will cost.
As a result the company feels this is why more than 13 million 30-54 year olds in the UK currently do not have a will.
Affio polled people between the ages of 30 and 54 who are yet to create a will. More than half said the process of writing a will is off-putting because it requires them to confront their own mortality. A further 25% are putting off the process because they consider it to be low down their priority list.
When asked where they would go to if they had to create a will tomorrow, the majority of respondents – three-quarters – said they would seek third-party help with more than a quarter (26%) admitting they would go to a local firm of solicitors.
Most of those interviewed thought creating a will is more expensive than it actually is. When asked to estimate the cost, almost six in 10 thought creating a will costs between £100 and £199 while 18% reckoned it costs between £200 and £499
Only 10% correctly estimated the average cost of will creation — between £50 and £99. In reality, going through a solicitor to write your will typically cost around £150 – and writing one yourself online can cost as little as £60.
A spokesman for Affio said: “The results of this survey confirm the huge level of misunderstanding in the UK surrounding wills. Not only are people unaware of the various ways to create a will, but most think it’s far more expensive than it actually is. Add in the fact that many people simply do not like to confront their own mortality and you can see why so many of us haven’t got a will. The risks of not having a will, of course, are well-known. It can cause all sorts of confusion and anguish at an already difficult time. But for whatever reason, the message, to date, simply hasn’t been getting across.”