A recent study has found that there are now over 28 million adults (58%) without a will in the UK. As a result, they have no guarantee that their assets will be passed on as they wish in the event of their death. They are also running the risk of paying more inheritance tax than necessary by not tax planning.
The South East tops the list as the most prepared region, yet only half of those surveyed (49%) have a will in place. In Scotland, only 40% of adults have a will, leaving a majority of 60% without one.
The research, by unbiased.co.uk, showed that children and grandchildren continue to be the main beneficiaries of wills, with 36% of UK adults wanting to leave enough money to fund some aspect of their child or grandchild’s future.
With tuition fees rising, 13% said they would like to fund their child or grandchild through university, and 22% would like to boost their child or grandchild’s savings.
Charities and pets also stand to benefit, with 8% of UK adults wishing to donate a significant amount to charity and 7% of people wanting to leave enough money for their pets to live comfortably after they have gone. Yet without a will in place all these beneficiaries stand to receive nothing.