Why having a Will is an essential part of your financial plans
New research reveals that a startling number of UK adults over 55 lack a valid Will, potentially leaving their loved ones facing uncertainty[1].
The findings show that a significant 25% of individuals over the age of 55 in the UK have not made a Will. Additionally, the study highlights that many Wills have not been updated for a considerable time. Nearly a third have not reviewed their Will in over five years, and 12% have not done so for more than a decade.
Peace of mind
Additionally, it is important to recognise that Wills are not only for the wealthy or elderly. Anyone with dependents, property, savings, or cherished personal belongings should consider formalising their final wishes. A Will offers peace of mind, knowing that whatever your circumstances, your affairs will be managed in accordance with your instructions.
This oversight can lead to significant complications. Without a Will, your estate is governed by the rules of intestacy, meaning the law decides how your assets are distributed. This process may not align with your personal wishes and could result in the overlooking of loved ones, such as unmarried partners or stepchildren.
Protecting those closest to you
A Will is the only legal document that ensures your instructions for your property, money, and other possessions are carried out after your death. It allows you to appoint executors to manage your affairs and guardians for any dependent children, providing clarity and security during a difficult time.
A carefully considered Will also helps minimise the risk of family disputes, a sadly common occurrence when wishes are left unclear. By specifying who should inherit what, you can help ensure your loved ones avoid unnecessary stress and, in some cases, expensive legal battles.
Furthermore, life events such as marriage, divorce, the birth of a child, or a significant change in financial circumstances can affect your estate. Regularly reviewing your Will ensures it remains current and accurately reflects your intentions, preventing potential family disputes and protecting your assets for the people you care about most.
Are your affairs in order?
If you require further information or wish to create or update your Will, please contact us for guidance to ensure all formalities are correctly observed. Taking action today can provide lasting reassurance for you and your family.
Source data:
[1] Survey conducted by Opinium for Canada Life among a nationally representative sample of 2000 UK adults between 7th and 11th October 2025.
THIS ARTICLE DOES NOT CONSTITUTE TAX, LEGAL OR FINANCIAL ADVICE AND SHOULD NOT BE RELIED UPON AS SUCH. TAX PLANNING IS NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY, DEPENDS ON THE INDIVIDUAL CIRCUMSTANCES OF EACH CLIENT, AND MAY BE SUBJECT TO CHANGE IN THE FUTURE. FOR GUIDANCE, SEEK PROFESSIONAL ADVICE.
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