Where there’s no Will…
Sixty-nine per cent of adults in Scotland either do not have a Will or have one that is out of date
Will Aid recently revealed alarming stats after surveying more than 2,000 people nationwide, finding that 59% of adults in Scotland do not have a Will with a further 10% admitting their current Will is not up-to-date. This is higher than the UK average which still sits at a worrying 56% of adults without a Will and 11% with out-of-date Wills.
But why are people putting it off? 21% of those without a Will cited the cost as the reason for not having one. 27% said they believe they have nothing worth leaving. 18.5% said they haven’t found the time. 16% cite feeling uncomfortable talking about death. And finally, 16% deem concerns about the process being too complicated as the reason they don’t have a Will in place.
We asked Hazel Johnson, Head of Private Client at Watermans, about the high volume of adults without Wills and what they need to know about the importance of succession planning –
“At Watermans, our aim is to make the process of making a Will as simple as possible. There can be a greater cost, both financially and emotionally for individuals and families where there is no Will or Power of Attorney in place.”
“Making a Will might feel like the ultimate distress purchase with so many other things competing for our attention. Life is busy and there are other bills to pay, but a Will is a protective step, ensuring your estate large or small is distributed according to your wishes. Properly structured, your Will can also protect assets for your family or other beneficiaries as well as save considerable amounts in tax.”