A new study suggests that a worrying number of UK adults do not have a Will in place, and could be at risk of their estates being distributed solely according to intestacy laws following an unexpected death.
Research from financial services firm Unbiased has revealed that almost three quarters (72 per cent) of UK adults aged between 35 and 54 do not have a Will.
The situation is even worse among the younger generation, with a staggering 84 per cent of 18 to 34 year-olds not having a Will.
Overall, the study found that around three fifths of UK adults do not have a recognised Will in place, and are potentially running the risk of dying intestate.
For many families, this can pose a significant problem. This is because, if an individual dies without a Will in place, their estate will be passed on according to intestacy laws, which could mean that certain family members are disinherited, or even that the deceased’s entire estate passes to the Crown.
For example, if an individual is unmarried or has not entered into a civil partnership, and has no surviving relatives at the point of death, their entire estate will automatically be taken by the Government’s ‘Bona Vacantia’ department unless their Will specifies otherwise.
Intestacy laws are complex and confusing, but in short, the only way to ensure an estate will be passed on according to an individual’s specific wishes is to have a Will in place.
A water-tight Will can be set up by consulting a special solicitor for tailored legal advice.
Latest posts by Nigel Rowley (see all)
- Rumours that SDLT cut may feature in this week’s Budget - November 20, 2017
- Electronic Wills consultation fails to address key issues, says ILM - November 17, 2017
- Buyers’ market for savvy home-hunters - November 13, 2017