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Too many parents have not written a Will

Banking giants HSBC has surveyed some 17,000 people worldwide, including 1,000 in the UK, to find out whether or not they had written a Will. The results revealed that two thirds of parents in the UK had not yet written a Will. However, theUK was not alone in these startlingly high figures, as only Canada came above the UK with parents most likely to have written Wills.

The survey also discovered that adults living in the UK and the US were the least likely to want to co-habit with their children in later life. In addition, with 48% of couples with children in the UK not having any life insurance, the survey warns that the fact that such large numbers of households are not planning ahead is leaving families greatly exposed to unforeseen events.

In other research published by unbiased.co.uk, the figure of people in the UK without a Will now stands at 29.5 million. More than 10% of people who do not have a Will think that their estate will automatically go where they want it to and 22% of people who do not have a Will leave savings of £10,000. The 18-34 age group holds the highest number of people without Wills at 84%, but 35% of the over-55s have also delayed writing theirs.

Of the 2,017 adults surveyed, most people cite 'not getting around to it' as a reason for not having a Will, with a quarter of people saying they will write their Will when they are older. 11% of people admitted that writing a Will had never occurred to them. A lot of people are also concerned that writing a will is a costly business, but it only costs around £120 for a single person or £200 for a couple to have their will professionally drawn up.

Currently, if a person without a Will dies, the estate must be divided out according to intestacy rules and only immediate family members, spouses or civil partners, will be able to inherit.  As things stand, the spouse or civil partner of a person, without children or grandchildren, will only be able to inherit £250,000 if no Will has been written to say otherwise.

Unbiased.co.uk goes on to say that thinking about the possibility of something bad happening to you is never an easy topic but, nonetheless, it is hugely important. Their research clearly shows that the nation is gripped by 'Wills apathy', whether that is putting it off until they are older or incorrectly believing their estate will automatically go to the right people.

Many people are simply unaware of the control that having a Will gives and its importance in ensuring loved ones receive what is intended for them.