Why aren’t people writing Wills?
Posted on 13th April 2023
Who’s writing a Will
People expect to consider making a Will as they grow older. Six out of 10 adults over 65 say they have a Will, but only about one in four aged between 55 and 64. Less than a third of under 55s have made their Wills and it’s less than one in 10 for people aged between 18 and 24.
Apart from age, other influencing factors are where people live and income. People living in the South West and those with an income over £100,000 are more likely to make a Will.
One in 10 people who have a Will have written it within the last 12 months. That means 1.86million were created in the last year, including more people aged between 18 and 44.
Amongst the people who have updated their Will, around one in five 16 to 24 year olds said catching covid had prompted them. This was much less important to over 55s.
What people include in their Will
Most people make bequests for their children, partners, brothers and sisters. More than one in 10 people between 16 and 24 have left something to their pets. In the North East people are particularly fond of their furry, feathered and scaly friends. In the South East about one in 10 people have included charitable organisations in their Wills.
Reasons for not writing a Will
The most common reason for not writing a Will is simply ‘not getting around to it’. More than four out of 10 people say this, although that’s lower than in previous years.
Around two out of 10 say they are too young, don’t have assets to pass on or don’t have anyone to leave things to.
Others say they know they need to make a Will and plan to do so soon. Some aren’t sure why they need a Will.
Fewer people than you might expect (less than one in 10) say that cost is the reason they haven’t made a Will, despite the increasing cost of living.
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