More than half of adults do not have a Will
British families are being urged to consider the importance of planning ahead for the future, after a recent study found that more than half (51 per cent) of UK adults do not have a Will.
The research, which was recently highlighted in The Telegraph, suggests that a large number of Britons are running the risk of dying intestate – which means that their loved ones may not necessarily benefit from their estate.
This is because, in instances where a person does not have a legally-recognised Will in place, their estate will be passed on in line with intestacy rules, which could see cohabiting partners, for example, receive absolutely nothing unless specified.
Worse still, in some scenarios – such as if a person without a Will has no living relatives – the entire estate may be taken by the Crown.
Britons who fail to seek specialist legal advice in order to set up a Will might also get caught out by Inheritance Tax (IHT).
In the UK, IHT is levied at a rate of 40 per cent on the total value of any estate worth £325,000 or more.
Separate research recently carried out by insurance company Drewberry suggests that 87 per cent of Britons who wish to pass on an inheritance have never even considered the potential impact of IHT.