The Shocking Will and Probate Stats…

In a report published by YouGov some shocking statistics were released about Wills and Probate.

It turns out that less than half of all adults have a Will, this figure standing at just (41%). This figure rising to 71% over the age of 55. Nevertheless, these numbers are significantly lower than they should be, bearing in mind the effect that not having a Will can have on loved ones. Unfortunately, the main reasons for not having one are even scarier…

will and probate stats

53% of people say that they just haven’t got around to writing a will. If you’re in this 53%, then do something about it. Writing a Will doesn’t need to be overly time-consuming or expensive and will save your loved ones a lot of time, effort and money in the long run.

Furthermore, a massive 68% say that they are too young to make a will, and a further 20% say they have no assets to pass on. In all likelihood, both of these reasons are not really true. You really can’t be too young to have a Will. As much as it would be nice to believe that we’re immortal until at least 60, this simply isn’t the case. As young and full of life as you may be, nobody knows what is waiting around the corner, so it simply isn’t worth taking the risk of not having a Will – no matter what your age.

As for not having any assets to pass on, if you fall into this 20%, there are probably many things you haven’t even considered putting into a Will that really need to be established. For instance: where your pets will go, distribution of sentimental belongings, virtual/digital belongings, funeral plans. The list goes on… You don’t need to have a global institution and a stately home to make writing a Will worthwhile.

As for the motivators to get a Will, marriage (52%), having children (52% and separation are the biggest factors (62%). Whilst these are all good reasons to have a Will, our advice would be not to wait to write a Will. If you’re in a committed relationship, it is if anything more vital to write your Will before getting married as your spouse will not be in line for any inheritance should you pass before tying the knot.

The Will industry is an unregulated one, and around 50% have concerns that this will make it difficult for them to choose a quality provider over a poor one. We only use expert solicitors to write your Wills, so you aren’t left worried about the integrity of your DIY Will. Thankfully, 63% have said that they would choose a solicitor to write their Will, but if you’re in the minority, it might be time to re-think before trying to cost-cut. When it comes to writing a Will, you get what you pay for.

So, if you’ve related to these Will and Probate stats for all the wrong reasons, take 2 minutes and begin to secure your family’s future