‘The Will writing industry in 2018’ report has found that the amount of people making an up to date Will is now increasing at a considerable rate.
Britain’s apathy toward the discussion of death has long been demonstrated by the shockingly low uptake in Wills. Our fear of mortality hindering our obligation to prepare for the inevitable.
Encouragingly, the report found that 6% more of the population made a Will in 2018. 45% of Great Britain now have a Will, this figure has increased from 39% recorded in 2017.
The trend of older age groups making a Will has continued in the report. 75% of people aged over 55 now have a Will, with 79% of retirees ensuring that they have a Will in place.
Worryingly, Only 12% of people under the age of 34 make a Will, with an average of 34% of people between 35 and 54 making a Will.
41% of people viewed shifting family circumstances as attributing factors to their reluctance in making a Will, with second marriages and children delaying people’s decision. Only 26% of parents with children under the age of four have a Will, whilst this figure rises to 42% of parents with children aged between twelve and sixteen, highlighting a perceived increased responsibility in preparing for the future as a person ages.
Unfortunately, the report also highlights an increase in people using modern and unconventional methods in creating a Will. 3% used an online template to make their own Will, this has increased from 2% in 2017. 3% also made their own Wills using other means.
This DIY Will writing could lead to more contentious probate issues as the report also highlights a rise in disputes. One in twenty people are now living through a Will dispute in 2018. It is thought that creating a Will without appropriate legal professionals, could leave it open to contestation in the future.
Despite the improved uptake in Wills this year, it would seem that we remain reluctant to discuss our mortality. Incredibly, 22% of beneficiaries are confident they are in a Will but do not know what they will inherit, whilst 18% of beneficiaries are not aware they are in a Will because it is never discussed. Again, failing to enlighten a loved one on their involvement in a Will could lead to disputes.
With price transparency less than a month away, people using a solicitor to write their Will has increased from 23% a year ago to 26% in 2018. However, 52% of potential customers are responsive to price, with 50% looking for a service, firm and person to be regulated by a recognised body.
Similarly, those using a face to face professional Will writing service increased from 5% in 2017 to 6% today. 67% of people using professional Will writers are looking for a company, person or service to be regulated by a recognised body; 65% are also sensitive to price.
Stephen Oliver, The Will Company, said: “There is a growing need for advice and for a Will. Wealth is starting to escalate through the generations and we are dealing with second or third generation inheritance planning. The reasons that people are putting off making a Will is important to discover. Financial advisors generally communicate the need for a Will and talk through the rules of intestacy. Often people don’t know who to trust to do their Will and they don’t want to talk to a stranger. Instead, clients are now working with their financial advisors because they have a relationship with them.”
Neil Fraser of Northumberland Wills & Probate, said: “A lot of people don’t think that they need one. They look at their estate and the fact that they don’t have life insurance and conclude that they don’t have much to leave.
Whilst it is overwhelmingly positive that more people are writing a Will, the report suggests that it is more important than ever to consider the changing dynamics of the modern family. Firms will also need to ensure that they are able to explain the service they will offer as more consumers become driven by costs when making a Will.
Have you seen an increase in the amount of people making a Will in 2018? How do you think this trend will develop in 2017?
