Many estates 'will need to pay off testators' debts'

New figures have warned that 1.5 million households in the UK do not have enough life cover to pay off their mortgage if one partner was to die, which could be a consideration that will need to be borne in mind while making a will.
 
Figures published by Go Compare have shown that 75 per cent of adults in the UK do not have sufficient financial protection or savings to cover their debts in case of their death, which could see bequests and gifts left to relatives reduced in value.
 
It found that life insurance is a low priority, with 65 per cent preferring to spend the same money on lottery tickets rather than cover.
 
Jeremy Cryer, speaking on behalf of the price comparison service, warned that many people are loath to plan in this way as it requires them to think about their own mortality.
 
He said: "It is important to plan ahead and make sure loved ones are financially protected when we are no longer around to look after them."
 
The Armidale Express recently highlighted the importance of those sitting down to make a will seeking professional advice due to the complexity of the law on this area.

Published by Tessa Jones