Economic climate preventing will-writing among Britons

The economic climate has caused stagnation in the number of Britons writing a will, according to experts.

Paul Sharpe, the chairman of the Institute of Professional
Willwriters, stated: “During difficult economic times, the number of Wills written tends to go down.

“Households tend to have more pressing needs on their disposable income.”

With less than half (47 per cent) of Brits feeling confident about financial prospects in the new year, the chance of more people making wills looks increasingly marginal.

Moreover, almost half (49 per cent) will see their disposable income reduced, while a further one in ten (10 per cent) will see it disappear completely in 2012, according to research by uSwitch.

However, Mr Sharpe is hoping that as more will writers sign up to the Institute of Professional Willwriters’ Code of Practice, consumers will see making a will as a more attractive prospect.

Britons are also reminded of the importance of making a will to avoid probate disputes that often occur when dying in intestacy.

Published by Tessa Jones