- Jake Chambers
COVID-19 Pushes Wills up the Agenda
Research just published by Legal & General shows an increase in the proportion of people realising getting their Will in order was important.
More People Considering a Will
There are still more people without a Will in place (53%) than have one. This is lowest amongst the younger population, with just 39% of people between 25 and 34 having a Will. However, 22% of respondents aged 16-24 strongly agreed their perspective on will writing had changed since the #COVID-19 #pandemic
Many Reasons to get a Will?
Amongst the many reasons cited for getting a Will, the most frequently given was “to make sure my assets are being left to the right beneficiaries” (47%), followed by “to ensure my family are provided for”.
Perhaps surprisingly, 18% mentioned “to determine who would look after my children” compared to 9% who said “to state who should care for my pets”.
Triggers for Writing a Will
When asked about what might trigger those without a Will to get one, 35% said “if I came into money”, 35% said “falling ill”. Again perhaps surprising but corresponding to the point above, only 21% said they would be more likely to make one “if I had children”.
A resounding 64% of respondents said they plan to write a Will in the future, so it seems many are waiting for the right moment. The reality is, the earlier you start, the better the outcome is likely to be and the longer you and your loved ones are protected.