The importance of making a will
has been stressed by individuals in the financial industry after research revealed that the majority of people do not have the important document.
New data collated on behalf of MakeAWill.co.uk and reported by MyFinances.co.uk has revealed that 61 per cent of Britons have never created a Last Will & Testament
, despite the fact that failure to do so could result in families fighting for what is rightfully theirs.
Researchers found that one-third of people who currently have a will have not updated their will
in the last 12 months, which means that it may not have accounted for the birth of a new child or purchasing a new home.
Parents with dependent children could be among the worst hit by failing to make out a will, as those people left in this situation are likely to see assets and estates passed directly to the state due to laws of intestacy
Data collated by MakeAWill.co.uk revealed that 77 per cent of mums and dads with children under the age of five have not created the document - meaning that who takes responsibility for their little ones and where their assets would be left remain undecided.
However, experts believe that many individuals are putting off writing a will
for a number of reasons, with cost, a lack of understanding and the time-consuming nature of the process preventing people from doing so.
Making a will does not have to be expensive and time-consuming, however. Lawpack publishes a DIY Will Kit
, which only costs £9.99. And if you need help completing your will, Lawpack's Online Will
can help for the fixed price of just £59.99.
Commenting on the findings, Conrad Braithwaite - will expert and founder of MakeAWill.co.uk - said that those parents who do not create the document leave the future lives of their children in the hands of their local authority.
He also spoke about the misconceptions surrounding the task of will-making, claiming: "The process is very straightforward. You can now complete your will online
and the cost of that is far lower because you’re not paying solicitors costs. You can complete your will from home. You can just print it off straight away to use."