28/09/2023 by Northwood Banks & Co.
Almost 50% Of Homeowners Do Not Have A Valid Will
A 2020 survey from Royal London highlighted that almost half of homeowners do not have a valid will.
There are many things in life that are important but that are very easy to put off. One of those is writing our Will. Having to think about what might happen when we are no longer around is quite daunting, especially if we perceive it to be complicated or expensive to deal with. Sadly, we never know what life has in store for us and many of us never get around to this important task, making things so much more difficult and complicated for the loved ones we leave behind.
A 2020 survey from Royal London highlighted that almost half of homeowners do not have a valid will. It is shocking yet true and it found that 44% of respondents who owned a property did not have a Will, putting their home and loved ones at risk. However, what is more alarming is the fact that 20% of all respondents indicated that they did not make a Will because they believe that they did not have anything of value to pass on when they die but 16% of those actually owned a property. For most of us, a property is the largest and most valuable asset that we will ever own yet people are still overlooking this fact and do nothing about it when it comes to protecting their assets once they pass away.
Over the last five years, the average age of a first-time buyer has risen, proving that it is taking longer for people to own their own property. Because of this, many people who said they had considered their estate planning had already made a Will before purchasing their own property. Unfortunately, they had failed to update their Will to accurately reflect their change in circumstances. Another problem that the report identified is that almost a quarter of respondents were having problems identifying someone to appoint as executor while they were also concerned about who they should leave their estate to.
A Will is a vital legal document that sets all of your wishes out when you pass away. Many things change in life and much of this can occur after we have written our Wills. Despite this, it is imperative that you consider every aspect of your life, your family, friends and your assets when writing your Will. Your property could be worth a significant amount of money when you pass away and not considering what will happen to it when you pass away could cause large problems for your family.