Singles failing to make a Will
The 2008 Wills and Trusts research report has illustrated that those who are married or divorced are more likely than singles to write a Will. Singles are also less likely to have signed a power of attorney or have made formal funeral arrangements, making their legal affairs difficult to deal with in the event of their death.
Amongst other findings of the report was the fact that, surprisingly, people with children are less likely to make a will than those without. Interestingly, despite the credit crunch, people are still keen to give money away, with a quarter of those surveyed stating that they plan to leave money to charity in their Will.
The research has also demonstrated that 59% of those questioned were unaware that the Inheritance Tax free allocation is now transferable between husband and wife, if unused on first death.
Trust Inheritance are one of the U.K’s leading Will writing and estate planning specialists. The Somerset-based company have a team of professional Will writers who have helped thousands of people across the U.K to make effective estate planning provisions. Marketing Director Andrew Hall commented on this news by saying:
“These reports illustrate that there is a lack of awareness of inheritance tax issues and widespread apathy amongst singles about making a Will.”
He continued:
“Contrary to popular belief, it is not just those with dependants who need to think about estate planning. Making a Will ensures that your estate is distributed in line with your wishes and that you are making the most of the tax exemptions and allocations you are entitled to.”
To find out more about the range of services offered by Trust Inheritance, visit: http://www.trustinheritance.com.