Nearly 40 million Brits revealed to be without a will as inheritance crisis looms
08 November 2024
- Co-op Legal Services’ research reveals that only 28% of UK adults claim to have a will, with nearly 40 million without one*
- Meanwhile, nearly a fifth believe that they don’t need a will, according to the member-owned business
- Average value of an estate administered by Co-op Legal Services is over £300,000
- Additionally, only a fifth of Brits have life insurance, which could leave families even more financially vulnerable
- The average age to write a will is 58, compared to the significantly younger average age of buying a first home, which is 36 *
Co-op Legal Services, the UK’s largest regulated provider of wills, estate planning and probate services, has revealed that nearly 40 million Brits are without a will.
Despite this, the member-owned organisation found that the majority of Brits haven’t written a will, with nearly a fifth (19%) believing that they simply do not need one. More than half (51%) of those without a will admitted that they haven’t got round to writing one, whilst one in eight (12%) say that it’s something they simply don’t want to think about.
Wills are a crucial legal document offering individuals invaluable peace of mind that their wishes will be legally recognised and that vital assets such as property and savings can be protected for their loved ones after they’ve gone.
Concerningly, with so many without a will, millions of families could be left in a financially, as well as emotionally, difficult position. Should a loved one die without recording their wishes, the rules of intestacy will set out how the estate will be distributed, rather than in the way they may have wanted. ****
Indeed, with the average value of an estate being administered by Co-op Legal Services being over £300,000, there could be an awful lot at stake, financially, if a loved one were to die without having a legally valid will in place. This could also potentially make the probate process more complicated with disputes arising between family members over who should administer the estate.
The financial implications of not having a will could be further exacerbated if a person also doesn’t have life insurance when they die. Indeed, the member-owned organisation found that only a fifth of Brits have taken out a life insurance policy, with a quarter (25%) believing they don’t need one, which could leave many families even more vulnerable. *
What’s more, the average age of someone having a will written for the first time is 58, representing a significant age gap between this and other life milestones such as buying a first home, which happens, on average, at 36.
However, of those who say that they have written a will, family is the primary motivating factor behind obtaining one. The survey also reveals that almost three-quarters (71%) of those that have a will chose to do so to make things easier for loved ones, while almost half (49%) wanted to protect the interests of their family after their death.
When it comes to the contents of their will, there was a 40% increase in the number of individuals who included charitable gifts in their wills, last year, whilst one in eight (12%) have made provisions for their pets in their will. **
James Antoniou, Head of Estate Planning at Co-op Legal Services, said:
"Of course, when it comes to estate planning, the impact that our death would have on our loved ones can be a difficult subject to broach.
Our research suggests that a large proportion of the population have not put a legally valid will in place. However, this is an essential part of planning for the inevitable and is something that we should all take the time to do.
A will enables you to plan and record your wishes so that they can be legally recognised, as well as take advice from a regulated provider so that you’re making informed decisions. Just these two steps can significantly mitigate complications arising and potentially help the probate process to run more smoothly for your loved ones."
-Ends-
Notes to the editor
- All figures are estimates based on the views of over 16,000 UK adults and 18,000 Co-op member owners, over the age of 18. UK 18+ population: 53,188,204
** Based on survey of 16,000 adults
*** Data from the Office for National Statistics: https://www.ons.gov.uk/peoplepopulationandcommunity/populationandmigration/populationestimates/articles/milestonesjourneyingthroughmodernlife/2024-04-08
**** Rules of Intestacy: https://www.co-oplegalservices.co.uk/probate-solicitors/the-rules-of-intestacy-explained/
* Based on survey of 16,000 adults
** Taken from Co-op Legal Services business data from 12 months trading activity in 2023 compared to prior year. Based on wills written by clients living in England and Wales.
For more information please contact: adam.stanworth@coop.co.uk
About Co-op Legal Services:
Co-op Legal Services is regulated by the Solicitors Regulation Authority, providing legal services in England and Wales. It is one of the largest providers of estate planning and probate services in the UK, with specialist practices in family law, serious injury and medical negligence.
Co-op Legal Services’ mission is to help people understand the law, to use the law to protect their future and that of their loved ones. It achieves this by providing accessible, engaging, professional legal advice and support through a blend of digital and 1-2-1 specialist advice.
Co-op Legal Services is part of the Co-op Group
Co-op is one of the world’s largest consumer co-operatives with interests across food, funerals, insurance and legal services. Owned by millions of UK consumers, the Co-op operates over 2,300 food stores, over 800 funeral homes and provides products to over 4,000 other stores, including those run by independent co-operative societies and through its wholesale business, Nisa Retail Limited.
Employing almost 55,000 people, the Co-op has an annual turnover of over £11billion and is a recognised leader for its social goals and community-led programmes. The Co-op exists to meet members’ needs and stand up for the things they believe in.
For further information, please contact pressoffice@coop.co.uk