The latest research into inheritance has revealed that 9 in 10 adults rely on their inheritance to fund their retirement or pay off their debts, but there are still great numbers of the population without a Will in place.
Tower Street Finance’s research showed that, although there is great willingness to leave an inheritance to loved ones, huge numbers of the population either do not have a Will, or don’t understand the rules of intestacy and inheritance. In fact, while 84% of UK adults plan on leaving an inheritance, only 54% of the population actually has a Will. If there is no Will, there is the risk that the deceased’s assets will not go to whom they intended, and beneficiaries won’t receive the inheritance that is left for them.
The research also showed that there is little understanding of the process of probate, how long it can take, and who is liable to pay inheritance tax before an estate can be distributed. Applying for Probate can be a daunting and time consuming process, and needs to be undertaken at a time when you may not feel able to undertake this task. Again, if there is no Will, it can be even more complex and time consuming than initially thought. In complex cases, it can take months or even years to sort out.
Make sure your loved ones will receive what you have intended for them, without having to go through a length Probate process. Contact us today for help making a Will.
Send me a message or contact me on the following:
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Source: https://www.todayswillsandprobate.co.uk/main-news/90-of-people-reliant-on-inheritance/
Gill Werrett is a Legal and Financial expert with many years` experience at both the corporate and private individual customer level. Having previous connections to The British Film Industry through…
