• March 28, 2024
 Prevent millions going to the Government and encourage will writing amongst young people

Prevent millions going to the Government and encourage will writing amongst young people

Research conducted by The Law Society last month has revealed most people in Britain don’t have a will in place. This new data should be a wake-up call for wills and probate professionals to promote their services and inform consumers of the implications of not putting in place plans for after they’re gone.

Nearly three quarters of 16-54 year olds don’t have a will, according to The Law Society. However it’s unsurprising that the majority of those who are over the age of 55 (64%) have an updated will. This highlights the fact that many consumers don’t deem it necessary to have a will until they are of a certain age. However, this mindset needs to change in order to have valuable possessions protected.

Interestingly, the research has also shown that men are more likely to maintain an updated will than women.

In 2013, around £8 million is thought to have been retrieved by the Government from those who have passed away intestate. With the added value of inheritance tax (IHT) this is a great deal of money that is being given straight to the Government that in most cases, with careful planning, can be significantly reduced or even alleviated completely.

According to The Law Society, the Government will have also received an estimated £6 billion in IHT by 2018.

Almost a quarter of those who responded to the survey claimed they assumed their belongings would automatically go to their family, even if there was no will. This suggests consumers still aren’t aware of the legislation and need to be informed of the recent intestacy regulation updates, by trusted and qualified professionals.

Andrew Caplen, President of The Law Society says this recent data is concerning, as people will be leaving their loved ones to cope with increased financial stress after their death.

Caplen also states that will writing is a simple process and urges consumers to use a solicitor for in depth advice and planning knowledge.

A further survey conducted by YouGov reported over 70% of consumers are more likely to use an accredited firm, as it is a mark of quality service and instils a sense of trust. If you’re interested in becoming Wills and Inheritance Quality Scheme (WIQS) accredited, simply visit The Law Society website.

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