Over half of UK adults (56%) do not currently have a will, a new study by Canada Life has indicated.
This figure equates to around 29.6 million people in the UK, according to the the findings.
Canada Life’s research, based on a study among 2,000 people, also revealed that 36% of over-55s do not have a will.
Furthermore, the findings revealed that around one in ten people (8%) have written a will for the first time since the first lockdown in March 2020, and a further 14% have changed or update their existing will in the last two years.
Canada Life technical director, Andrew Tully, commented: “A valid will is an incredibly important part of your life plan and will ensure should the worst happen, your assets, whether they be financial or possessions, will be distributed in an orderly fashion to the right beneficiaries.
“A will is a very powerful document which will hopefully avoid legal wrangles and confusion over who will benefit from your estate. You can also leave a gift to charities of your choosing.
“If your affairs are not complicated, wills can be drawn up for relatively little cost, or if you are over the age of 55, you might be able to take advantage of free wills month to get your affairs in order.”
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