Over half of Brits do not make a will

New research has revealed that over half of UK residents have failed to make a will.

Standard life found that 51 per cent of people did not have this document drawn up and that the figure altered according to age.

Almost two-thirds of those aged 35 to 44 years old did not have a will, compared to two-fifths of 45 to 54 year olds and one-third of 55 to 64 year olds.

The research also found that 22 per cent of people aged over 65 had yet to make a will.

"... Despite the potential cost of a Will not being a barrier, as shown in our research, people's lack of action could ultimately cost their families more. The legal fees in untangling estates when someone dies without a Will can be higher and the inheritance tax bill could be higher, not to mention the stress for the family and potential delay in distributing assets," Julie Hutchison, head of estate planning at Standard Life, said.

In addition, solicitor Simon Leighton wrote for the Guardian that people should use a professional will writing service to help them craft this document.

Published by Hannah Carr