A third of UK adults over 55 don’t have a will, research finds

Over half (57%) of UK adults don’t have a will in place, including a third (32%) of over-55s, according to new independent research conducted on behalf of Handelsbanken Wealth and Asset Management. 

The findings highlight a “critical” gap in estate planning across the nation.

Research findings also indicate that four out of five (79%) of 18 to 34-year-olds don’t have a will.

A lack of knowledge around how to put a will in place was cited by 11% of respondents as the main reason they don’t have one, followed by 10% of participants having concerns around the expense involved, and another 6% thinking it would cause too much emotional discomfort.  

The research revealed that just over half of Brits feel comfortable talking about their will with their partner (55%) and children (50%), with far fewer feeling able to broach the subject with their parents (17%) or siblings (20%).

For those who do have a will in place, their primary reason is to have control over who should receive specific assets. This was selected by over a third (36%) of respondents, followed by a desire to minimise familial disputes (25%) and life changes such as a marriage, divorce, or birth of child prompting them to (22%).

Christine Ross, client director at Handelsbanken Wealth and Asset Management, said: “While these conversations can sometimes be very difficult to have, avoiding the topic won’t make it go away. Putting a will in place can help you protect both your assets and your loved ones during a difficult time. Having an open and frank dialogue can give your family much-needed peace of mind that the right plans are being put in place.”