The life insurance company found that people in Brighton (36%), Cardiff (38%), London (39%) and Newcastle (39%) are the most prepared when it comes to making a will, but a significant number still have nothing in place.
The research forms part of Canada Life’s Life100+ programme, which highlights a lack of discussions around inheritance planning in the UK. It found that less than half (49%) of the population have discussed their end-of-life wishes with their loved ones.
Across the UK, more than two-fifths (44%) of adults have not written a will, nor are they currently in the process of doing so.
When asked why they don’t have a will in place, more than a quarter (26%) said they do not have enough assets or wealth to warrant making a will, closely followed by 20% who believe they still have plenty of time to make one.
Additionally, the research found that 15% do not want to pay to write a will, while 14% believe their loved ones will inherit their assets automatically.
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‘People are not planning ahead’
Stacey Love, tax and estate planning specialist at Canada Life, said: “Passing away without a will in place can place a significant burden on our loved ones. However, our research highlights that, up and down the country, people are not planning ahead or having conversations about the future.
“No matter your age, writing a will should be a priority, even if you don’t think you have any real wealth to pass on. It’s also very important to have open, honest conversations with your loved ones about your inheritance plans, so they know what to expect.
“Once your will is written, remember to review it every few years to make sure it remains accurate. Family circumstances can change over time, and so your will needs to reflect this.
“Ultimately, estate planning is about preparation. While this may feel daunting, having conversations about inheritance and putting a will in place will take a huge burden off your loved ones’ shoulders. A professional financial or legal adviser will be able to support you through the process, offering independent advice and guidance when making or revising a will, as well as ensuring your estate is in good order for the next generation.”
