40 million Brits don’t have a will, survey finds

Some 40 million UK adults do not currently have a will in place, according to Co-op Legal Services, with 19% believing that “they simply do not need one”.

Some 51% of those without a will admitted that they haven’t got around to writing one, while 12% of respondents said that it’s something they simply don’t want to think about. 

Co-op warns that, with so many without a will, millions of families could be left in a financially and emotionally difficult position should a loved one die without recording their wishes. 

With the average value of an estate being administered by Co-op Legal Services being over £300k, the firm said there could be “an awful lot at stake” if a loved one were to die without having a legally valid will in place.  

The member-owned organisation found that the average age of someone having a will written for the first time is currently 58-years-old, representing a significant age gap between this and other life milestones such as buying a first home, which happens, on average, at 36.

However, of those who say that they have written a will, family is the primary motivating factor behind obtaining one. The survey revealed that 71% of those that have a will choose to do so to make things easier for loved ones, while 49% wanted to protect the interests of their family after their death.

When it comes to the contents of their will, there was a 40% increase in the number of individuals who included charitable gifts in their wills last year, whilst 12% have made provisions for their pets in their will.

James Antoniou, head of estate planning at Co-op Legal Services, said: “Of course, when it comes to estate planning, the impact that our death would have on our loved ones can be a difficult subject to broach.

“Our research suggests that a large proportion of the population have not put a legally valid will in place. However, this is an essential part of planning for the inevitable and is something that we should all take the time to do.”