Research conducted earlier this year by Atomik on behalf of Co-op revealed that 51% of UK adults are expecting an inheritance from someone they know.
But a leading Wills provider has warned that these assumptions may be scuppered due to the lack of people who have written a valid Will.
Furthermore, 26% of people assume they will inherit money as the next of kin, even though they have not been told by their family. Only 12% have viewed their loved one’s Will and 33% are of the assumption they will receive inheritance as they have been informed verbally that they will be a beneficiary – according to new research from Co-op Services.
Amazingly, regardless of any assurances, many Brits have already thought about what they are going to do with their inheritance. Over a quarter would put it into a savings account but most concerning, 4% of those who hoped to receive something said they had already spent the money. Other people said they would use it to pay for further education, pay off their debts or mortgage or get onto the property ladder and buy their first home.
What people plan to do with their inheritance:
– 27% of people are putting it into savings
– 22% of people plan to invest it
– 20% of people don’t know
– 15% of people plan to pass it to children or grandchildren/pay of their mortgage/go on holiday
– 14% of people will use it for home improvements
The average age of a person making a Will is 52, according to Co-op Legal Services business data. But in the UK, according to Atomik research conducted on behalf of Co-op, 45% of Brits don’t have a Will.
Although Kings Court Trust 2018 research findings revealed that the proportion of adults who have a Will has increased in comparison to last year, this is good news but more still needs to be done to encourage people to write a properly drafted and effective Will – not only will this safeguard their loved ones’ future but also inheritance expectations will be made clear.
As a professional Will writer, what do you think of these findings? Do you think these hopes may be unfounded due to the lack of people who have a valid Will in place?
