Two in five homeowners don’t have a will
More than two fifths (44%) of homeowners do not have a will in place, according to research by Royal London.
The insurer found that, of those who said they haven’t yet written a will because they have ‘nothing valuable to pass on’, one in six actually own a property.
Surprisingly, 16% of people aged over 55 do not have a will, but own a home either outright or with a mortgage.
Without having a will in place your property may not go to whoever you prefer, especially if you have divorced or remarried, or have children from a previous relationship.
Keep it up to date
Even those who have a will don’t always keep it up to date. Royal London foud that around four in 10 (43%) of those who have bought a property have not updated their will to include this change.
Mona Patel, consumer spokesperson at Royal London said: “It’s surprising that some people don’t think their home is worth including in their will. Writing a will seems to be seen as an admin task that never makes it to the top of the “to-do” list. It’s worth making it a priority as having a will in place could help avoid any unnecessary distress at an already difficult time for loved ones.”
Free Wills Month offers people aged 55 and over the chance to write or update their will free of charge with selected charities.