The current generation of UK adults are not proactive when it comes to planning for their retirement and death, but speaking to property accountants when making a major decision like buying a house could help you to understand more about how to get your affairs in order.
Figures from The Co-operative show that 60% of adults in the UK don’t have a will in place, and more than half could find that their will is invalid because it hasn’t been updated in line with significant changes in their life.
That leaves 70% of adults overall whose inheritance could be eaten into simply due to being poorly prepared – while issues like property tax could affect retirement incomes from rental estates even before their death.
James Antoniou, head of wills at Co-op Legal Services, said: “In order to have peace of mind that your wishes are clear about who you want to benefit from your estate, it is crucial that you take the right advice and put an effective will in place.
“Whilst the average age UK adults write a will is 42, it’s worrying that over half of UK adults who have wills in place haven’t updated them.”
Updating a will is essential following a major lifestyle shift such as divorce or marriage, or the death of a loved one or named beneficiary – but also when buying or selling a property, which represents a single substantial asset to your estate.
The Co-op found that 16% of Britons would be prompted to write a will by buying a property, and 11% would consider this a reason to update an existing will.
Make sure you are one of those whose affairs are in order, both legally and financially, by speaking to our property accountants about the best ways to manage your property tax exposure during your lifetime, and how this might affect your estate after your death.