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Newsletter

More than half 'lack a will'

By Marianne Straker, Mon 26 Oct 2009 - Published in Life Insurance

Too many Brits have neglected writing their wills, according to new research from Unbiased.co.uk.

A poll by the group found that 57 per cent of the population, or 28 million adults, do not have a will.

In addition, 65 per cent of those with children have not made provisions for after their death.

Karen Barrett, chief executive of Unbiased.co.uk, said: "If you haven't a will your only legacy could be to leave a large inheritance tax bill for your loved ones.

"By having a will in place families can avoid worry and stress at an already difficult time."

Ms Barrett recommended that people seek the services of an independent financial advisor, in order for their assets to be calculated and to discover how to pass these on to the family or friends in the most tax efficient manner.

The research also found that 43 per cent of people have not written a will because they have not found the time, 24 per cent have nothing of value to leave behind and 14 per cent never considered the idea of drafting one.

Earlier this year, to Sun Life Direct revealed that the average cost of dying has increased to more than £7,098, with a funeral costing around £2,733.