Canada Life’s Life100+ programme has highlighted what the company calls “a surprising lack of discussions around inheritance planning in the UK”.
The report showed that less than half (49%) of the population have discussed their end-of-life wishes with their loved ones.
Across the UK, more than two fifths (44%) have not written a will, nor are they currently in the process of doing so. When asked why they do not have a will in place, over a quarter (26%) said they do not have enough assets or wealth to warrant making a will, closely followed by 20% who believe they still have plenty of time to make one. Additionally, the research found that 15% do not want to pay to write a will, while 14% believe their loved ones will inherit their assets automatically.
The programme also highlighted the cities across the UK with the highest proportion of adults without a will in place. Leeds (57%), Sheffield (56%), and Nottingham (51%) top the list, with the majority of adults in these areas either not having written a will or in the process of doing so.
People in Brighton (36%), Cardiff (38%), London (39%) and Newcastle (39%) are the most prepared when it comes to making a will, however a significant number still have nothing in place.
Stacey Love, tax and estate planning specialist at Canada Life, pointed to the issues of passing away without a will in place, which can place a significant burden on loved ones.
“However, our research highlights that, up and down the country, people are not planning ahead or having conversations about the future,” Love says.
No matter what age people are writing a will should be a priority, she said, “even if [they] don’t think [they] have any real wealth to pass on. It’s also very important to have open, honest conversations with loved ones about inheritance plans, so they know what to expect.”
A Will should also be reviewed every few years, she added, “to make sure it remains accurate. Family circumstances can change over time, and so [a] will needs to reflect this.
“Ultimately, estate planning is about preparation, making or revising a will, as well as ensuring an estate is in good order for the next generation.
