Will 2016 close the gap in end of life planning?

30 Dec, 2015

As many start to consider financial resolutions for 2016, Co-op is warning of a gap in end of life planning.

It is said that death is the most certain thing in life, yet over 30million UK adults are without a will and 91% don’t yet have a funeral plan. This means that should the worst happen, millions risk leaving their families with a legacy of financial as well as emotional grief.

Resolutions to close the gap in 2016 include:

Make a will

Approximately 30million UK adults don’t have a will, that’s the majority of the UK adult population (60%). For those that do make a will, the average age for putting one in place is 42. As many as a quarter of those with wills waited longer than this, leaving it to age 55 before putting one in place.

The most common reasons for making a will are:

  • Reaching a milestone age (26%)
  • Having a child (19%)
  • The death of relative (17%)
  • Purchasing a property (16%)

James Antoniou, Head of Wills, for Co-op Legal Services comments:

“There’s currently a worrying gap in end of life planning in the UK, potentially leaving millions of relatives and families facing additional stress and confusion whilst grieving for the loss of a loved one.”

“With over 30 million people in the UK yet to write a will, we’re a nation who tend to bury our heads in the sand when it comes to end of life planning.”

“In order to ensure that people’s wishes are clear about who they want to benefit from their estate, 2016 should be the year that they take the right advice and put an effective will in place.”

Update your will

Of those with a will in place over half (55%) have never updated it, potentially meaning that their will could be invalid, particularly if their family circumstances have changed. Almost a third (29%) haven’t updated their will just because they haven’t got round to it

The most common triggers for will updates are:

  • Arrival of grandchildren 19%
  • Reaching a milestone age 18%
  • Birth of a child 15%
  • Death of a relative 13%
  • Buying a property 11%
  • Separating from your partner / getting divorced 9%
  • Inheriting some money 9%
  • Getting remarried 8%
  • Experiencing a health scare / issue 5%
  • Getting married for first time 5%

James Antoniou adds:

“It’s also worrying that over half of people who have wills have never updated them. Depending on the way a will has been drafted, a marriage, a divorce or the death of a spouse can make the will ineffective.”

A professionally drafted will can be put in place from just £75+VAT. Further information is available by visiting: https://www.co-oplegalservices.co.uk