There is a “strong case for improving public understanding of estate planning” as new research shows most working adults are relying on inheritance for future financial security.
In a survey of of 2,000 people aged 25 and over in England and Wales who work full-time or part-time, 49% of respondents said they expected inheritance to be important to their long-term financial stability This number increased to 72% for respondents earning over £100,000.
The research, commissioned by law firm Birketts found over half (53%) of respondents were confident they will receive an inheritance in the future.
Despite importance being placed on inheritance in long-term plans, the research found “significant gaps” in understanding around wills.
Nine in ten (90%) respondents said they believed marriage does not automatically cancel or override an existing will, while over a quarter (27%) revealed they thought closest relatives automatically inherit everything without a will.
Bernadette Baker, partner and head of private client at Birketts, said the findings show not only the importance of inheritance to long-term financial plans, but how many “hold misconceptions about what happens when someone dies without a will”.
Common misconceptions also included children being guaranteed a share of the estate (16%) and not understanding the extent to which a will all assets owned, including jointly owned property, pensions and life policies (62%).
Amongst those without a will (34% of respondents) women were more likely to not have a valid will than males, with 39% females not having a valid will as opposed to 31% males.
The proportion of people without a valid will varied “considerably” based on income too, with lower income earners less likely to have a will, and higher earners more likely to have a will. Reasons for not having a valid differed, with 21% of respondents saying they were prevented from drafting one due to costs and 33% saying nothing had prevented them. Almost one in five respondents said they did not have sufficient assets to justify a will, meanwhile 18% said they had not done so due to a “lack of understanding or knowledge”.
Baker added the survey demonstrated there was a “strong case for improving public understanding of estate planning and encouraging more people to put appropriate arrangements in place.”
One Response
The latest research highlights a clear shift in awareness: more working adults are recognising the importance of having a strategic plan for their estate planning. At a time when half of working adults expect to rely on inheritance, yet widespread misconceptions about wills persist, the need for informed decision‑making has never been greater.
What we’re seeing across the estate planning landscape is a growing appetite for clarity, structure and long‑term thinking. The continued transfer of wealth is accelerating this trend, pushing clients to seek advice that goes beyond documents and focuses on strategy, protection and legacy.
At Strategic Asset Protection, Mike and the team are committed to supporting and educating clients so they can make confident, informed choices about their future. This is exactly the kind of shift our sector needs practical guidance, strategic planning and a clear path forward for families.
A positive step for clients, and a reminder that estate planning must evolve with the times.