There’s a lot of stats and facts doing the round in the world of estate planning, Will writing and probate at the minute. Here are 10 we’re keen to share:
1. 18% of people who had been executors of a friend or a family member’s estate said they’d found themselves in the position unexpectedly, only discovering they were required to manage their estate after they had died (Source: The Cooperative Society)
2. 32% of adults, in general, said they had taken on the responsibility of executor of someone else's will. (Source: The Cooperative Society)
3. 21%) of executors were told they would be expected to take up the responsibility after their loved one had already written their Will, making it difficult for them to refuse the responsibility. (Source: The Cooperative Society)
4. 65% of people in the UK want to pass on savings and/or investments in
5. 63% of people in the UK want to pass on property in their Will.
6. 52% of people choose not to make a Will.
7. 9% more Inheritance Tax (IHT) was collected by HMRC for 2016/17 than the previous year, totalling a record breaking £5.1bn. (Source: HMRC)
8. 6.3% of Wills written in England and Wales during 2016/17 included a charity legacy (in spite of research identifying that 35% of the general public were happy to leave a legacy in their Will). (Source: Remember a Charity).
9. IHT relief on charitable donations is predicted to reach a record £900 million in the next year. (Source: The Economic Times).
10. Some US Probate and Family Courts train therapy dogs to help ease people’s fears and stress.
OK, we’ve been rumbled, this blog is an excuse to include a cute puppy picture. It’s more than a puppy picture excuse though. There are some meaningful triggers for further thought.
Whether you’re at the beginning or end of you will Writing experience or haven’t even got round to making a Will yet --- it’s worth thinking about who you want to be your executors and asking them if they are prepared to take on the role. The Money Advice Service offers some great tips on choosing your executor.
Taking financial advice on leaving savings, investment or property?
If you want to pass on savings and investments in your Will, and/or a property, it’s worth taking advice on the most tax efficient way to do so. Opting in for the legal check on our Single Will and Mirror Wills online form means a Will writing expert can flag up relevant considerations you may not be aware of.
Leaving a legacy to a charity?
If you want to leave a legacy gift to a charity, you can do so on our Single Will and mirror Will online templates. There is a click down menu from which to select charities Active Wills already support, or you can name a charity (or charities) of your choice.
The important role of therapy dogs?
Therapy dogs are becoming more and more widely used and appreciated in the UK too. Many residential care homes now have visiting PAT (Pets As Therapy) dogs. If you’d like to arrange for one to visit your relatives, or think your canine companion has what it takes to become a PAT dog, why not find out more.
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