Only one in five young adults have a will
Just 21 per cent of Brits aged 18 to 34 have a will, compared to 68 per cent of people 55 and over, the survey found.
Young adults are more likely to have children who depend on them. Not having a will can create complications with guardianship of children or assets being inherited by another family member, Royal London said.
The likelihood of cohabiting with a partner is also higher among this age group. More than half (56 per cent) of 18–34-year-olds live with a partner and own a home, compared to a fifth (21 per cent) who are married and own a home. If couples who live together don’t have a will, their partner may not inherit their estate.
The rules of intestacy mean that any assets they own, including a home in their name or their share of a home as a ‘tenant in common’, would automatically go to their parents or children.
Sarah Pennells, consumer finance specialist at Royal London, said: “Writing a will is not just something you should do when you hit middle age. It’s particularly important to consider once you own a home, have children, start a business or have savings and investments. If you live with your partner, they won’t automatically inherit your money or property – and friends won’t inherit either.
“Creating a will can be a task that never makes it to the top of the “to-do” list, particularly for younger adults. But 86% of people found writing a will easy, and it could prevent unnecessary complications at an already difficult time for loved ones.
“A solicitor will look at your estate and arrangements for any children to make sure that what you want to happen will happen, when you die. It’s worth seeing if your work or union can help, and in November some solicitors will write a will in exchange for a donation to charity through Will Aid.”
November is Will Aid month, when participating solicitors volunteer their time and to write a basic will and ask clients to make a donation to Will Aid’s charity partners.