Wednesday 11 September 2019
Misunderstanding of Wills Risks Inheritance Failing to Reach Children, Loved Ones and Charities
- Over two-thirds (68%) of Brits don’t have a fully written Will, with almost a third (30%) believing that they only need to have a Will in place if they are very wealthy
- Nearly 2 in 5 respondents (37%) think that if they don’t have a will, their inheritance will go straight to their partner or children
- Remember A Charity in Your Will Week is underway, encouraging everyone to have a Will in place and to consider leaving a gift to charity after family and friends are taken care of
WEDNESDAY 11SEPTEMBER 2019, LONDON: New research1 from Remember A Charity reveals that 68% of adults across the UK don’t have a completed Will in place (47% of over 55s), with nearly two in five respondents (37%) assuming it will automatically go to their partner and children.
Almost a third of Brits (30%) don’t think they’re wealthy enough to write a Will, with many believing that Will-writing is time-consuming (30%), complicated (28%) and expensive (27%). Only 1 in 4 (25%) say they have planned for death.
What’s more, many Brits are unaware of the flexibility and benefits of legacy giving. More than half (57%) don’t know that giving to charity is exempt from inheritance tax and over one fifth (22%) believe that you have to be wealthy to donate to charity from your Will.
“We’ve certainly seen from the research that there is a huge knowledge gap about how Wills and inheritance works,” says Rob Cope, Director of Remember A Charity. “This remains a key barrier to growing legacy giving and underlines the importance for working together with solicitors, Will-writers, government and other partners to reduce intestacy.
“Writing a Will is the only way for the public to ensure their final wishes are met. But the great news is that it can be both quick and easy. During Remember A Charity Week, we’re reaching out across the country and encouraging the public to make sure their loved ones are looked after in this way and to consider leaving a gift to charity in their Will.”
Without a Will in place, an estimated 27.9 million Brits2 are leaving their final wishes at the mercy of Government intestacy rules. In England and Wales, if someone dies intestate and there is a surviving partner, any children and close family will only inherit in some circumstances. Meanwhile, in Scotland, the estate would be divided according to the rules of succession.
James Antoniou, Head of Wills at Co-op Legal Services added: “The importance of having a valid Will shouldn’t be under-estimated. Many people wrongly think that their loved ones will automatically inherit their assets when they die but this isn’t the case. If a person dies without a Will then they lose control of what happens to their estate meaning that their final wishes may not take effect, leaving disappointed loved ones behind.”
The large majority (70%) of Brits believe their family will easily agree on how to divide assets between themselves, despite recent figures from the Ministry of Justice showing that inheritance disputes have trebled over the past decade3.
To help shed some light on these misconceptions, Remember A Charity has been working with BAFTA award-winning comedian Matt Berry to create a series of comedy films that challenge the biggest myths about gifts in Wills, inspiring people to consider including their favourite charity in their Will.
The films can be viewed through the Remember A Charity website.
Cope adds: “Legacy giving is absolutely vital to the charity sector and every gift counts – no matter what size. As part of our tenth awareness week, we want to inspire the public to pass on something wonderful and make a real difference to future generations by taking action and writing a gift in their Will.”
To find out more about Remember A Charity Week (9-15 September 2019), visit www.rememberacharity.org.uk
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For media information, please contact:
Lucinda Frostick, Turner PR
Tel. 07712 045 308. Email: lucinda@turnerpr.co.uk
NOTES TO EDITORS
1 Research conducted in August 2019 by Censuswide with a representative sample of 2,000 British adults.
2 Based on UK population figures of 18+ year olds in the UK British Gov 2011 Census. Research conducted in March 2019 by OnePoll with a representative sample of 2,000 British adults.
3 Source: Osbornes Law Firm, 2018
Remember A Charity Week
Remember A Charity Week (9-15 September 2018) is an awareness week organised by charity consortia Remember A Charity, which aims to shine a light on the importance of gifts in Wills to charities. Currently only six in 100 Brits leave a charitable gift in their Will.
Remember A Charity
Remember A Charity was formed in the year 2000 as a consortium of charities working to encourage more people to consider leaving a gift to charity in their Will. A representative voice for the sector with over 200 charity members, the campaign works with Government, the legal profession and employers to help normalise legacy giving. Remember A Charity is part of the Institute of Fundraising. Find out more at www.rememberacharity.org.uk or follow @RememberCharity.