Research highlights significant estate planning gaps in UK cities.
- Leeds, Sheffield, and Nottingham have the highest percentage of adults without a will.
- Brighton, Cardiff, London, and Newcastle show better preparedness.
- 44% of UK adults haven’t written or started drafting a will.
- Misconceptions about assets and inheritance deter will writing.
A recent study by Canada Life underscores the concerning state of estate planning in several major UK cities, revealing that Leeds, Sheffield, and Nottingham have the highest percentages of adults lacking a will, with figures standing at 57%, 56%, and 51% respectively. This situation leaves a significant portion of the population vulnerable to the complexities of intestacy.
Comparatively, cities such as Brighton, Cardiff, London, and Newcastle display slightly better levels of preparedness, with fewer adults neglecting this vital legal step; however, even in these cities, a substantial number remain without wills.
According to the study, over 44% of adults across the nation are yet to draft a will. Several reasons contribute to this shortfall: 26% of individuals believe their assets aren’t sufficient to warrant a will, while 20% feel they have plenty of time to address it. Further, 15% cite the cost as a deterrent, and 14% assume their loved ones will automatically inherit their belongings, which is not guaranteed under the current laws.
Stacey Love, a tax and estate planning expert, remarked on the impact this lack of planning can have. “Passing away without a will in place can place a significant burden on our loved ones. No matter your age, writing a will should be a priority,” she stated, highlighting the necessity of having these important discussions.
The Canada Life study also points out that less than half of the population have engaged in conversations about their end-of-life plans with family, which only adds to the potential complications when an individual passes away without a clearly outlined estate plan.
Addressing the gaps in estate planning is crucial to easing the burden on loved ones in the UK.
