More than two fifths of UK adults have not written a will, nor are they in the process of doing so.
Research by Canada Life revealed Leeds, Sheffield and Nottingham were the UK cities with the highest proportion of adults without a will in place.
The provider’s Life100+ programme highlights the lack of discussions around inheritance planning in the UK with just 49 per cent of the population having discussed their end-of-life wishes with their loved ones.
When asked why people did not have a will in place, 26 per cent said they did not have enough assets or wealth to warrant making one.
While 20 per cent said they still had “plenty of time” to make one and 15 per cent did not want to pay to write a will.
Additionally, 14 per cent of respondents believed their loved ones would inherit their assets automatically.
Stacey Love, tax and estate planning specialist at Canada Life, said: “Passing away without a will in place can place a significant burden on our loved ones. However, our research highlights that, up and down the country, people are not planning ahead or having conversations about the future.
“No matter your age, writing a will should be a priority, even if you don’t think you have any real wealth to pass on. It’s also very important to have open, honest conversations with your loved ones about your inheritance plans, so they know what to expect.”
Brighton (36 per cent), Cardiff (38 per cent) and Newcastle (39 per cent) had the least amount of people who did not have a will in place.
alina.khan@ft.com
