New research reveals a significant shift in estate planning behaviours, with property ownership emerging as a key driver for will creation among younger adults. The findings come as the UK, like many countries, prepares for one of the largest intergenerational transfers of wealth in history.
A recent survey by online estate planning service Willed found that 38% of respondents cited buying property as their primary motivation for creating a will, suggesting that homeownership is increasingly prompting younger people to consider their estate planning needs.
“We’re seeing property ownership act as a crucial trigger point for estate planning,” says David Kaplan, co-founder of Willed. “First-time homebuyers are increasingly recognising the importance of protecting their assets and writing down what they want in the event of their passing through proper estate planning. This shift represents a significant change in how younger generations approach end-of-life planning.”
The survey revealed several notable trends that could impact how funeral directors and estate planning professionals approach their services:
– 57% of respondents were under age 45
– 64% were creating their first will
– 85% reported feeling relieved after completing their will
– 80% cited convenience as a major factor in choosing online services
This shift in behaviour comes at a significant time, as an unprecedented transfer of wealth between generations is expected over the next few decades, with much of this wealth tied up in property assets. The changing landscape presents both challenges and opportunities for funeral service providers.
“What’s particularly interesting is the emotional response to will creation,” Kaplan notes. “The high percentage of people reporting relief after completing their will suggests that estate planning is a significant source of anxiety for many. This highlights the important role that funeral directors and estate planning professionals play in providing peace of mind.”
The data also showed that 73% of respondents over 60 were updating existing wills rather than creating new ones, highlighting the importance of regular estate plan reviews as circumstances change. This trend suggests an ongoing relationship with estate planning services, rather than a one-time interaction.
For those in the broader industry, these findings present several key implications:
Younger Client Base – The significant proportion of under-45s creating wills suggests a need to adapt services and communication strategies for a younger, more digitally-engaged audience.
Digital Integration – With 80% of respondents valuing convenience, there’s a clear mandate for funeral directors to integrate digital services into their offerings, from online planning tools to virtual consultations.
Educational Opportunities – The high percentage of first-time will makers indicates a need for clear, accessible information about estate planning and funeral pre-planning.
Ongoing Relationships – The trend of older adults updating their wills suggests opportunities for maintaining long-term relationships with clients and providing regular review services.
The research also indicates a growing awareness of estate planning among property owners, which could present opportunities for funeral directors to develop relationships with real estate professionals and financial advisors.
“The data suggests that property ownership is often the catalyst for broader end-of-life planning,” Kaplan explains. “This presents an opportunity for funeral directors to engage with clients at this crucial decision-making point.”
As the property market continues to evolve and the great wealth transfer unfolds, funeral directors who adapt their services to meet the changing needs of younger, property-owning clients while maintaining traditional values may find themselves well-positioned for the future.
