The average of age a person making a Will in the UK has risen significantly to 57-years-old in 2019.
According to recent industry trends and patterns, carried out by will writing software provider WillSuite, the sector’s consumers are adhering to the older stereotype, despite attempts to encourage a younger demographic to prepare for life after death.
Having used a sample size of over 10,000 Wills, 10,000 property and financial lasting power of attorney (LPA) and over 10,000 health and welfare LPAs drafted by a solicitor or professional will writer, it is clear that people under the age of 55 remain reluctant to confront their mortality by drafting vital documents to protect their interests and express wishes. It could also suggest that more people are looking to use digital means and DIY Will facilities rather than using a legal service professional.
The average age of a person looking to write a valid Will is 56.9 years old. When compared to a Which? Survey from June 2018 which found the average person making a Will to be 47, it would seem that the average age has increased by a decade.
Adults under the age of 30 accounted for the smallest demographic, making up just 3.57% of all Wills; even eclipsed by those aged between 83-95 who made up 3.8% of all drafted Wills.
2018 data collated in the ‘The Will writing industry in 2018 report’ found that 12% of those under the age of 34-years-old had made a valid Will. The information collated by Willsuite could indicate that these numbers are receding dramatically in 2019.
The report also suggests that fewer younger people are interested in creating an LPA to protect them and their interests if they lose mental capacity in later life. The average age of a person making an LPA is now over 66 for both property and financial LPAs and health and welfare LPAs.
Interestingly, it seems that more people are concerned with protecting their assets as 10% more LPAs were drafted for property and financial issues.
Additionally, 95% of people with a health and welfare LPA also had a property and welfare equivalent. This reduced to 83% of respondents with a property and financial LPA also looking to protect their health and welfare decisions.
Seb Shakh, Director at WillSuite, commented:
“An industry effort to supply correct marketing and education around the benefits of planning for younger people is needed. For instance, the 18-30 bracket are much more likely to stumble across a solicitor / estate planners website or Facebook page than go in search of a high street practice, and the often overused stock photos on such pages of the elderly couple smiling and laughing says come back when you’re retired”.
Do these figures suggest that more needs to be done to encourage the younger generation to plan for a lack of capacity and after life decisions?
