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UK confusion about Wills

Written By Richard Mawer

According to research by Royal London, more than 5 million people in the UK are confused by Wills and are not sure where to begin.

Six in ten parents either do not have a Will or it is out of date. Whilst 34% of UK adults said an illness would prompt them to create a Will.

Of those that do have a Will in place, more than half (53%) have not updated it after a significant life event, such as marriage, becoming parents, or divorcing.

It’s a common belief that making a Will is a complicated, confusing and time consuming process, with many people claiming that they simply haven’t got around to it yet because of this, and yet from the research of those that have made a Will 85% stated it was quick to do, with 90% agreeing it was an easy process.

Another common factor as to why people do not feel they need a Will is the misconception that friends and family will be able to decide between them what happens to a person’s money, assets and belongings when they die. Sadly this is not the case and these decisions are taken out of the family’s hands completely, to be handled by the law instead. This can include who should look after children, should something happen to both parents.

BTWC MD, Trevor comments ‘People have long been adverse to making a Will, for a range of reasons. From just putting it off, to thinking its time consuming and expensive. Unfortunately we have seen too many times the upset, confusion and high expense that occurs when an estate has no Will and goes through Intestacy instead. Invariably the courts get involved, it can take 6 months or more to sort out and relatives can become highly stressed, upset and anxious in dealing with it. We support all scenarios and endeavour to create an easy process that ultimately gives the clients the right Will for their needs, removing any future expense, delay or upset.”

How can you help?

As a financial adviser, broker or an Estate Planner, a prime time to broach the subject is when you do your annual financial review with clients, or when you know they have gone through certain life changing events, such as retirement, a marriage or divorce, or become a parent.

The process for the clients and you can be a simple one, whereby you can ether pass the client straight through to BTWC which can help directly, or you can just take the client through our Will Instruction form.

The client always remains yours, they get a more secure future in place and you may well get new referrals, as well as your commission.

Just contact the team on 01522 500823.

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