Almost half of all homeowners do not have a valid Will.
According to a recent survey conducted by Royal London, 44 per cent of respondents who owned property did not have a valid Will in place, potentially putting the home at risk.
A fifth of respondents claimed they had not made a valid Will because they did not have anything of value to pass on after they die.
However, 16 per cent of those who believe they had nothing of value, owned a property – probably the most valuable asset a person could own.
A large number of people over the age of 55 (16 per cent), who also own property, had failed to make a valid Will.
With the average age of a first-time buyer (FTB) increasing from 30 to 33 over the past five years, home ownership is now taking people longer. This has been an issue for many people who had already made a Will with 43 per cent of those surveyed making a Will before buying a property but had since failed to update their Will to reflect this huge change in their life.
Furthermore, the report found that a quarter (24 per cent) of respondents found it difficult to decide who to appoint as executor with a quarter worrying over who should benefit from their estate.
Mona Patel, consumer spokesperson at Royal London said:
“It’s surprising that some people don’t think their home is worth including in their will. Writing a will seems to be seen as an admin task that never makes it to the top of the “to-do” list. It’s worth making it a priority as having a will in place could help avoid any unnecessary distress at an already difficult time for loved ones.”
