27 September 2018
OVER HALF (55%) OF BRITS DON’T HAVE A WILL
Ahead of Free Wills Month this October, Brewin Dolphin – one of the UK’s leading wealth managers – is encouraging Brits to think about writing or updating their wills following new research revealing that over half (55%) of Brits and nearly a third (30%) of people aged over 55 don’t have one. Free Wills Month is a charity-backed campaign designed to encourage over 55s to have a will written or updated free of charge.
Half of Brits (50%) haven’t written a will simply because they ‘just haven’t thought about it yet’ and this is the reason for nearly two-fifths (39%) of those aged over 55. For nearly a fifth of Brits (17%), it is because they don’t like to think about their own death and this is as high as 22% for those in Manchester, which may explain why it is the city in the UK with the highest number of people without a will (63%). People living in Edinburgh (53%) and Bristol (53%) are the most likely to have a will.
Amongst those aged 55+ who don’t intend to discuss a will with family or friends, a quarter claim this is because they haven’t finalised their plans yet (25%) or they are not comfortable talking about their own death while still living (15%). One in 10 (11%) say it is because they think their family and friends should sort it out amongst themselves.
Looking at the other generations, only a third (33%) of those aged 35-54 have a will in place, but this is as low as 22% when looking at those aged between 18-34. When it comes to the sexes, men (47%) are more likely to have a will than women (41%).
Over two thirds (69%) of unmarried couples who live together don’t have a will, which is especially surprising when considering that unmarried couples don’t automatically inherit from their partner unless they owned property together.
Liz Alley, Divisional Director, Financial Planning, Brewin Dolphin, commented:
“While it’s great to see the majority (70%) of those over 55 have an up to date will, it’s worrying that one in three of them don’t have this important document in place. We all lead such busy lives that it can be easy to put off estate planning but it’s best to put one in place sooner rather than later. Not only does this ensure that your wishes are carried out, but it also helps to reduce the emotional and financial burden on loved ones at an already difficult time.
“Free Wills Month creates the perfect opportunity 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 discuss how they might spend any inheritance. 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 first-hand your loved ones benefiting, this can also help from an inheritance tax perspective.”
PRESS INFORMATION
For further information, please contact:
Richard Janes richard.janes@brewin.co.uk / Tel. +44 (0) 20 3201 3343
Sian Robertson: Sian.Robertson@brewin.co.uk / Tel: (0) 20 3201 3026
Payal Nair payal.nair@brewin.co.uk / Tel: +44 (0) 20 3201 3342
FTI Consulting: Brewindolphin.sc@fticonsulting.com / Tel: (0)20 33195642
NOTES TO EDITORS
About Brewin Dolphin
Brewin Dolphin is a UK FTSE 250 provider of discretionary wealth management. With £42.3* billion in total funds, it offers award-winning personalised wealth management services that meet the varied needs of over 80,000 account holders including individuals, charities and corporates.
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 £36.8* billion on a discretionary basis.
Our intermediary business manages over £12* billion of assets for over 1,000 advice firms either on a discretionary basis or via its Managed Portfolio Service.
In line with the premium we place on personal relationships, we’ve built a network of 30 offices across the UK, Jersey and Dublin, 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. The value of investments and any income from them can fall, and clients may get back less than they invested.
*as of 30 June 2018