It’s the last thing you want to think about really, and research by Unbiased.co.uk shows that over half of adults in the UK (57%) have yet to make a will.
Many people think the subject of death is depressing or even that it ’tempts fate.’ While this is understandable, dealing with a death would be even worse for families if a will isn’t made.
For example, the study found that two-thirds of people with children under 18 had not written wills. This creates the possibility of children ending up with no inheritance at all should their parents die unexpectedly.
A will can help you reduce the amount of tax payable on an inheritance. If you’re not married, your partner has no right to inherit in the event of death without a will.
AXA recently found that the average cost of an individual dying is £5,900. This figure includes burial or cremation costs, the administration of the estate, a headstone, and ‘sundries’ like funeral flowers. It’s a good idea to make a provision for these things in the will so that your relatives won’t have to foot the bill at what already is a difficult time.