Over the last year, 4.9 million people have written a will, 4.1 million people have written a living will and 5.4 million have changed or added guardians for their dependents to their existing will.
In addition, 4.6 million people have registered a lasting power of attorney, while 4.1 million have completed an expression of wish form for their pension.
Despite this, Canada Life said millions of adults are yet to start drawing up any documents, with a significant proportion of those aged over 55.
Neil Jones, tax and estate planning specialist at Canada Life, said: “Despite wills and estate planning remaining a sensitive subject for households across the UK, the global pandemic has clearly prompted many people into taking action. While mortality remains a taboo subject, having the paperwork in place can take away much of the emotional and financial pressure at a very difficult time.
Dying ‘intestate’, basically without a valid will in place, leaves all of the control with the legal system which decides who should inherit an estate. A basic will can be easy to put in place if an individual’s affairs are not complicated and can make all the difference on the individual’s passing, ensuring not only a speedy distribution of an estate but also ensure that the correct people receive the right assets.
“Taking the first step is always the most difficult part of this process, however, there are a whole range of services and support available to make this as easy as possible,” Jones added.
