Lightspeed Research have completed the Will Aid Poll for 2010. Results are currently being analysed and will be available during first week of October.
For further information, please contact the press office on 01460 271182
Will Aid Research 2009: Key Findings
Wills
Over 60% of adults have not written their Will. Women are slightly more likely to have made a Will than men. Widows are most likely to have made a Will (62.5%) followed by separated men (55.6%), divorced women (53.8%), married men/women (49.6/48.3%), separated women (35.70%) and divorced men (35.4%). Those living with a partner are only slightly more likely to have a Will (21.4% men/29.2% women) than those who are single (20% men/19.9% women).
Over 70% of couples living together without being married or in a civil partnership say that neither of them has a Will.
Amongst married couples/civil partners almost 50% say neither partner has made a Will
Over 80% of single people have no Will.
48% of those who have not made a Will say they simply haven't got around to it, whilst 19% believe they are too young and almost 22% believe they have no possessions or money to leave.
Almost 12% say they or someone in their family has had problems or disagreements related to an inheritance. And 3% know someone who wrote a Will, which was subsequently declared invalid or illegal.
The vast majority of people are still using a solicitor to write their Will, although the figure has dropped since last year. (2008 = over 65%; 2009 = 59%). Only 15% used a Will writer, compared to 18% in 2008. Almost 6% (2008=7%) have a homemade Will and a similar amount used a DIY kit from a shop. Fewer than 2% have used an online service. But over 8% have used a service provided by their bank or other organisation.
Of those who have not written a Will, over 45% say they would be prompted to do so to provide for their children or grandchildren; 23% by the death of a loved one; 17% following pressure from a partner and only 16% on the event of their marriage or civil partnership. Only 8% would be prompted to write their Will by divorce or relationship breakdown.
People are four times more likely to have reviewed their gas or electricity supplier than their Will. We asked our respondents which of the following they had reviewed for price or relevance within the last 5 years. The results produce some interesting insights into peoples' priorities and understanding of the importance of their Will. The results in descending order are shown below:
- Gas and/or electricity 74%
- Motor Insurance 68%
- Home and Contents Insurance 66%
- Bank Account 43%
- Investments 25%
- Life Insurance 22%
- Will 17%
Inheritance Rights
33% think the surviving married or civil partner should inherit everything.
33% believe that co-habiting unmarried partners should have the same rights as married or civil partners. But amongst cohabiting partners, this figure rises to 63%. Almost 26% believe that assets should be split 50:50 between the surviving partner and any children. But in some circumstances, this might mean that the surviving partner has to sell the family home to pay off the children.
Spending the inheritance
Over 81% of parents are planning on spending freely rather than trying to leave more to their children
Overall 50% of parents think their children or grandchildren would need an inheritance to improve their lifestyle. Just over 20% think they will need one to be able to start a family. But amongst younger age groups strength of feeling is higher with, for example 63% of 25-34 year olds feeling they would need an inheritance to help buy their first home and 44% feeling they would need an inheritance to afford to start a family.
Charitable Legacies
Only 5% (up from 4% in 2008) have already promised a legacy to charity in their Will. Over 8% intend to do so (down from 10% in 2008). Many more women either have or intend to leave a legacy (16%) compared to men (11%).
More than 32% would leave a legacy if they feel that their loved ones are provided for. However 32% would never be persuaded to a legacy to charity. Almost 30% would consider a legacy as a thank you for services provided to them or a loved one.
Inheritance Tax
Over the past two years the numbers believing their assets may be subject to Inheritance Tax has halved - down from 20% to just over 10%.
Much of this decline will be due to the recent changes to Inheritance Tax rules but this drop may also reflect a real or perceived decline in asset values. There is considerable regional variation. In our 2006 survey, just over 20% believed their property to be worth more than the inheritance tax threshold. In 2008, that figure dropped to just under 14%. In 2009 it has dropped to 10%.
Of this relatively wealthy group, an alarming 68% (37% in 2008) have taken no action to reduce their liability.
Knowledge about Wills and Inheritance
37% wrongly believe that if someone dies without a Will, their husband, wife of civil partner will automatically inherit all their assets. A further 19% don't know.
76% correctly believe that long term unmarried partners are not untitled to inherit all the deceased partner's assets. A further 19% don't know.
44% wrongly believe that when a parent dies, care of any children automatically passes to their partner. A further 23% don't know.
68% correctly believe that when parents die without appointing guardians, the courts will decide who looks after the children.
Almost 49% of people understand that when someone dies without a Will, their assets are distributed according to an arbitrary set of rules. Over 31% don't know.
65% realise that not everyone has to pay inheritance tax. But almost 18% don't know.
Only 25% understand that in England and Wales marriage or re-marriage invalidates an existing Will.
