The ‘baby boomer’ generation (those aged over 50) is believed to be the wealthiest in history, but the successive generation (those set to inherit this wealth) gave a range of reasons for not putting their financial affairs in order. Shortage of time was the most common excuse, followed by the belief they were too young or did not have enough assets to need a will, according to YouGov research commissioned by Collyer Bristow, ‘An Age of Apathy: Changing the conversation around wills’.
Across the age groups, four out of five respondents believe having a will is fairly or very important, and 31% of adults have made one.
Just under a quarter (23%) of respondents presumed erroneously that if they died intestate, all their assets and possessions would automatically be left to their partner. Only 46% of respondents would consult a legal professional to write a will.
More than half of respondents said they would make a will if they were diagnosed with a serious illness, and 40% said the arrival of children would prompt them to create or review a will.
James Cook, partner at Collyer Bristow, said: ‘The assumption that wealth is automatically passed onto a partner is particularly alarming and a common cause of disputes.
‘Similarly, when creating a will, individuals need to consider not only how to distribute their assets, but importantly, the tax implications of this. It is concerning that of those surveyed, 89% said that they have little to no knowledge of how inheritance tax is calculated.’
