More than half of people in the UK have not yet drawn up their will, potentially leaving their assets in the hands of the wrong people, new research indicates.
A survey conducted by ICM Research group for life assurance company Standard Life finds that 57% of respondents would die ‘intestate’, while a further two in ten people have not updated their will after a change in life circumstance.
Sampling 1005 UK adults, ICM finds 44% of those respondents without a will would endeavour to have one drawn up if they understood the implications of not having one. And 39% would follow advice from a solicitor to take out a will while 27% would listen to an IFA.
The study identifies age and property value as key factors encouraging the writing of a will, while out of those who already have one 74% have used the services of a solicitor, apposed to 18% using a will pack and 10% requiring the services of an IFA.
Only 68% of people over age 55 have drawn up the necessary documents. This breaks down to 60% of people with property valued over £150,000, against 37% of people with homes worth less than £100,000, according to Standard Life.
Mick James, marketing manager for protection at Standard Life says many people could be unaware their life assurance policies may form part of their estate on death.
He adds: “Without a will they could find other unexpected people benefit from their financial planning at the expense of their loved ones. Few people will be aware that if they die intestate and have no surviving family members the Crown will receive the whole of their estate.”IFAonline
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