2 October 2017
Today [2 October] marks the start of Free Wills Month – a charity-backed campaign designed to encourage over 55s to have a will written or updated free of charge. Research from wealth manager Brewin Dolphin finds that 32% of over 55s don’t have a will, yet across the age groups men are more likely to have a will (50%) than women (41%)1
Liz Alley, Head of Financial Planning Operations at Brewin Dolphin, commented: “While it’s great to see some people have an up-to-date and valid will, it’s worrying that four in 10 people don’t have this important document in place.
“Getting your affairs in order and planning what you want to pass on to loved ones, whether it’s while you’re alive or after you’ve passed away, is really important. Not only does it mean that your wishes can be carried out but it can also help reduce the emotional and financial burden on loved ones at an already difficult time. We all lead such busy lives that it can be easy to put off estate planning but it’s best to take care of this sooner rather than later.”
The poll of more than 4,000 UK adults shows that parents (55%) are more than twice as likely to have a will in place as those without children (27%). While people aged over 55 are the most likely to have a will (68%), more than a quarter (26%) of 18 to 34-year-olds have their wishes officially documented.
Londoners are the most likely to have an up-to-date will (52%), whereas people in the North West are the least likely to have this important document in place (38%).
Liz Alley continued: “Making or update a will provides the perfect time to talk to your family about inheritance matters. For instance, you can talk about the items you might like to pass on to them, as well as what they might spend an inheritance on. When people have these conversations they often discover that they can help their loved ones financially now, rather waiting until they’ve passed away. As well as being able to see loved ones benefit from some money, this can also help from an inheritance tax perspective.”
Brewin Dolphin offers people the following tips regarding wills:
1. It’s not just about wealth. Some people may not think they need a will because they don’t have very much money in the bank or because they don’t feel old, but this isn’t necessarily the case. You need to think about who you want to pass your belongings on to, such as jewellery, car, home and even your pets. It’s important to put this information down in writing so your family and friends can honour your wishes once you’ve passed away.
2. Don’t assume who will benefit. If someone dies in the UK without a valid will, their property is shared out according to rules of intestacy, which means your estate can only be inherited by close family (spouse/civil partner, siblings, children, parents and aunts/uncles). So, unless you have a will, intestacy rules could force an outcome that is completely contrary to your wishes. For example: unmarried partners have no inheritance rights whatsoever under the intestacy rules. Unless you make provision for them in a will, they will inherit nothing, even if you have lived together all your life.
3. Beware the revoking rule. Wills are revoked when you marry, so even if you have written a will to include your spouse or civil partner-to-be before your marriage, you’ll need to renew it afterwards. This is also important if you have children from a previous marriage: although your new spouse would benefit from your estate through the intestacy rules, your children might not. You may also want to write a will or redraft your existing one if you are in the process of separating from or divorcing your partner, because if you die before your divorce is complete, your spouse or civil partner can still inherit your estate.
ENDS
NOTES TO EDITORS
Brewin Dolphin is a wealth manager and has fully qualified financial planners who can advise clients on all aspects of estate planning and inheritance tax planning. However, we do not provide a will writing service.
1 Opinium surveyed 4,012 UK adults online between 11th and 17th August 2017.
Free wills month starts at 9am on 2 October 2017. The campaign offers members of the public aged 55 and over the opportunity to have their simple wills written or updated free of charging by using participating solicitors in selected locations around England, Northern Ireland and Wales.
PRESS INFORMATION
For further information, please contact:
FTI Consulting: brewindolphinconsumer@fticonsulting.com / Tel: +44 (0)20 33195642
Richard Janes richard.janes@brewin.co.uk / Tel. +44 (0) 20 3201 3343
About Brewin Dolphin
Brewin Dolphin is a UK FTSE 250 leading provider of discretionary wealth management. With £39.2* billion in funds under management, it offers award-winning personalised wealth management services that meet the varied needs of over 80,000 account holders, including individuals, charities and pension funds.
We give clients security and wellbeing by helping them to protect and grow their wealth, in order to enrich their lives by achieving their goals and aspirations. Our services range from bespoke, discretionary investment management to retirement planning and tax-efficient investing. Our focus on discretionary investment management has led to significant growth in client funds and we now manage £32.9* billion on a discretionary basis.
In line with the premium we place on personal relationships, we’ve built a network of 29 offices across the UK, Channel Islands and Ireland, staffed by qualified investment managers and financial planners. We are committed to the most exacting standards of client service, with long-term thinking and absolute focus on our clients’ needs at the core.
*as of 30 June 2017
Disclaimer
• The value of investments and any income from them can fall and you may get back less than invested.