Startling figures have revealed the attitudes of the over 55 age group towards writing a Will. The figures indicate a widespread ignorance of the importance of writing a Will and the risks of dying intestate.
The average debt for those aged 50-59 now exceeds the average savings for the same age group, research has shown. A recent survey revealed the average amount owed by this age group totals £4,641, compared to £4,511 in savings.
The impending increase in probate fees were thrown into doubt earlier this week after they were branded ‘unlawful’ by the parliamentary committee on statutory instruments.
Recent research has shown that 86% of the population wants financial advice to help them prepare for their retirement, highlighting how many people do not feel confident in planning for this pivotal stage of their life.
Around six million people have experience of acting as the executor of a Will but just 4% realise that they are legally responsible for the accurate distribution of the estate that is entrusted to them.
It is estimated that around two thirds of the British public do not have a Will. If they die without making one, they are said to be dying ‘intestate’, meaning that the Crown will decide how their estate will be divided up.
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