Recent reports from Royal London have discovered over 5 million people in the UK do not know where to begin or what to consider when writing a Will. Financial issues cause this, along with confusion by the process and the struggle to come to terms with mortality and plan for this event. As a result, many UK residents avoid the Will writing process and go through life without a valid Will in place.
Our MD, Paul Dodsworth TEP, says “We insure our house and possessions against damage or theft. We insure our car against accidents. But we don’t plan for the inevitable; it’s madness. Everyone knows they should create a Will but most don’t know that a well-written one can protect you and your wealth. It can also be used as a financial planning tool to ensure your loved ones do inherit and do so at the right time.”
This trend continues with adults that have created a Will. The research highlights that 53% of people have gone through important, life-changing moments and have not updated their Will as a result. If for example, they marry, this revokes their Will unless it is clearly highlighted that the marriage wasexpected.
A quarter of the population have no plans to make a Will with 34% of the population clear that only a serious illness would force them to plan for those they will leave behind.
With all of the uncertainty surrounding the Will writing process, the right guidance needs communicating to the public so they understand the importance of a Will. Also, that this guidance on what to include in a Will and Testament is easily accessible.
Paul continues “We have written thousands of Wills over the last 14 years. Our process makes it as easy, convenient and affordable as ever. We visit you at home or at work, whatever time is best and have flexible payment plans.”
In summary, this report shows that there is still a huge amount of work needs completing to persuade people of the necessity of a valid Will. After completing your Will with us, we remind you every three years to review your documents. We offer this service along with the updates, if required, for free if you store your documents with us. We promise to make the process easy convenient and affordable.
To book a free consultation to create your Will or update your existing documents, please call us on 0800 781 6658 or fill in our contact form at https://estplan.co.uk/contact-us/ and one of our qualified consultants will call you.