Where there’s a will there’s a way
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CHANCES are you haven’t even thought of writing a will yet.
The very thought of it can often seem macabre, while some people think it’s only the rich that need to bother. If so then you’re not alone, as two-thirds of the UK population has no written will at all.Most of us still seem to think that writing a will is something to shelve until you’re older, as the study showed that people over the age of 55 are most likely to have a will. In contrast, younger adults are dramatically failing to prepare for the future, as the findings show that 97 per cent of 18 to 24-year-olds have not prepared a will.
The report from Barclays Wealth, the asset management division of Barclays Bank, shows that 63 per cent of us have yet to write a wil. Further, more Britons are failing to act on factors that make us more liable to inheritance tax, such as rising house prices, and reviewing their wills accordingly.
You might think those with children would be well advised to make some kind of provision, but the study shows that, worryingly, 64 per cent of us with children have yet to even write a will. This means any assets left to their children will be liable to a six per cent charge.
Some of us just can’t find the time to write a will, but many of us simply don’t know when we will, if ever, do so. Of the 63 per cent of people who have yet to write a will, one in three has no idea when they’ll get round to preparing one. Meanwhile, five per cent of Britons never intend to write any will at all. This highlights a vast lack of awareness of the importance of wills as one of the easiest ways to protect wealth and the only way to be sure an individual’s wishes are fulfilled and avoid misunderstandings.
The head of Barclays Wealth Advisory, Jeremy Arnold, says: “It is a concern that so few people in the UK have a will prepared. Looking at the research it is clear that despite having good intentions to write a will, many people are failing to do so. “With the economic landscape changing and house prices rising, inheritance tax is becoming an issue for more and more people. It is vital that people look to act on these changes and plan their finances accordingly.”
However, we’re not all will-dodging procrastinators: 49 per cent of people in the South West have a will. At the other end of the scale, the inhabitants of Lancashire are not as conscientious and are least likely to have a will prepared, with just 26 per cent having written one. Those in the Borders are leaving it the longest to write their wills, with the average person intending to do this within the next nine years.You might be putting off writing a will because of time, financial problems or simply because you don’t feel you need to, but your laissez-faire approach could cost you dearly in the long run.
This is an article taken from Mid Ulster Mail, 19/06/08
