A recent survey carried out by Will Aid into wills and inheritance issues has found that almost 60% of people have not yet written a will, potentially depriving those they care about of their inheritance.
However, the survey also found that people have definite ideas on how they would spend an inheritance, should they receive one.
According to the survey:
- 60% of 18-24 year olds would use an inheritance to buy a home,
- 40% of 45-54 year olds would use an inheritance to provide a pension,
- 48% of 35-44 year olds would repay their mortgage, and
- 55% have no idea where the will of their nearest relative is.
Shirley Marsland, Will Aid Campaign Manager, said:
“People are not making wills because they don’t believe they need to and their lack of knowledge can end up costing individuals and families a small fortune, as well as a lot of stress and hardship and perhaps even bitter disputes.
“People need to take action to protect their hard earned assets and ensure they pass to the people and causes they care about. “