Study reveals that majority of Britons haven't made a Will
Research published this week by the Law Society, the representative body for solicitors, reveals that the majority of Britons have not written a will. The research revealed that 73% of 16 to 54 year old don’t have a will. Men were more likely to have a will and keep it updated than women. The two main motivators for people writing a will are that they have seen the consequences of not having one and ‘feeling old enough’.
The Law Society warned that consequences of dying without a will can be devastating for those left behind. Last year £8m went to the government because people died intestate. It is estimated that by 2018 the government will receive nearly £6bn from inheritance tax. Advice from a solicitor and a well drafted will can reduce or alleviate altogether the amount of inheritance tax payable.
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