Research from the Law Society has revealed that the majority of British people have not written a will.
Research from the professional body for solicitors found that 73% of those aged 16-54 don’t have a will, opposed to the 64% of over 55s who have written a will.
The research also highlighted that men are more likely to have a will and keep it regularly updated than women.
Andrew Caplen, president of the Law Society, said: “Thousands of people die every year without making a will or without a properly drafted will. These figures show just how bad the problem is.”
While intestacy laws were recently updated via the Inheritance and Trustees Powers Act 2014, ensuring your wishes are adhered to and the right people benefit from the estate, a clear written will must be drafted.
23% of those surveyed incorrectly believed that their family would inherit their belongings if they did not write a will.
The report suggests that the government received £8 million from those who died intestate last year – as those without a will may have to pay more inheritance tax – and early estimations show that by 2018, around £6 billion in inheritance tax will go to the government.
The Law Society advised that with a bit of careful planning, the amount of inheritance tax paid could be reduced. Leaving money to charity is one such way will writers can reduce the sum paid to the government.
Caplen added that enlisting the help of a qualified solicitor when writing a will is key to producing a clear and definitive document.