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Making a will 'boosts finances'

Published: 26/10/2009

Britons can help to reduce the adverse credit risks faced by their nearest and dearest by writing up a will, Unbiased.co.uk has suggested.

New analysis from the financial website shows that 57 per cent of British adults - 28 million people - have made no formal plans for how their estates will be divided up when they die.

Moreover, Unbiased.co.uk found that 65 per cent of parents with children under the age of 18 have yet to make a will.

This could leave the family unprotected if the parent dies unexpectedly.

For example, current rules state that unmarried couples have no right to inherit any part of their partner's estate if they die - with all the inheritance passing to the children, if they have any.

Making a will can also reduce the amount of inheritance tax payable by a household.

Karen Barrett, chief executive of Unbiased.co.uk, explained: "If someone dies without a will, assets are distributed according to the rules of intestacy - this could mean assets and money going to people the deceased had not wanted to benefit, meaning that your family could be left to dispute over your estate, be charged a great deal in inheritance tax or your possessions could not go to who you want it to."

She added: "It is also important to make a will to provide financial security and arrange guardianship for children."

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