Half of adults over 40 have not created a will or taken any other steps to arrange for their later years, putting their home and wealth at risk of not going to the people they intended.
According to a survey commissioned by Solicitors For The Elderly and conducted by Censuswide, only one in two people have started to organise their affairs by drafting a will, setting up a power of attorney, or planning for inheritance tax.
51-year-old Yasmin Abdalla (not her real name) learned the value of having a valid will last year when it cost her her house.
Imran (not his real name), her partner, was 54 years old, healthy, and active before contracting Covid-19; although working in the legal field, he had never created a formal will.
When he passed away in January 2021, Imran's former partner filed a lawsuit, and Yasmin lost out on all of his £600,000 fortunes, including the £500,000 home she had shared with him because Imran's former partner's name was still on the deeds.
Yasmin and Imran, who had been dating for nine years, got married in 2014 in accordance with Islamic law. However, because the couple neglected to register it with their local authority, it had no legal standing. Imran was not alone, though; according to insurer Royal London, one-third of people over 55 have not yet written a will, compared to just a fifth of people under 35.
For the family members left behind, administering an "intestate estate"—the phrase used for persons who pass away without leaving a will—can be time-consuming, expensive, and difficult. It is impossible to overstate the significance of having a legally binding will.