Where There's a Will...

A survey conducted by the National Consumer Council and published in the second half of 2007, highlighted that more than 27 million people in England and Wales (64% of the population) have not made a will and that, ironically, the people who most need wills are those most likely not to have made them.

The survey also showed that 83% of cohabiting couples have not made a will; without one, a cohabiting partner will inherit no part of the estate.

79% of households with dependent children have not made wills, meaning that there could be disputes, surrounding the care of those children, in the event of a parent’s death.

Only 28% of separated couples have made a will, leaving open the possibility that an estranged spouse will inherit part or all of the estate.

Married couples may also face problems, with the survivor only having (where the deceased spouse leaves children) an outright entitlement to the first £125,000 of the estate.

The most common reason given by people for not having made a will was that ‘they hadn’t got around to it’.

Given that no-one can accurately predict when he or she will die, it is advisable to make a will sooner rather than later. Those who have already made wills are advised to review them regularly, to ensure they keep pace with changing personal and financial circumstances.