Over 55s warned not completing this money task poses ‘ticking time bomb to wreak havoc’ | Personal Finance | Finance
Britons aged 55 and over are being urged to be proactive and prepare a Will to avoid “wreaking havoc” on the lives of surviving loved ones.
New research from law firms Shakespeare Martineau and Mayo Wynne Baxter found more than half of over-55s (56 percent) have not formalised their Will yet, placing their final wishes and the fate of their assets at risk.
In the survey of more than 1,000 people, a quarter of respondents said that while they had considered preparing a Will, they had not taken the crucial step of formalising the legal document.
Conversely, 31 percent admitted they had not considered making a Will at all.
Heledd Wyn, private client partner at Shakespeare Martineau, commented: “These findings are nothing short of a wake-up call. The failure to formalise a Will is a ticking time bomb, ready to detonate and wreak havoc on the lives of surviving loved ones.
“The consequences of not having a formal Will in place can be dire, leading to bitter disputes, financial turmoil, and irreparable rifts among loved ones.”
Through proactive Will preparation and estate planning, Ms Wyn said people can ensure their final wishes are honoured and their loved ones are provided for in their absence.
She continued: “Now is the time to confront the uncomfortable reality of mortality and take decisive steps to protect what matters most.”
The research also found that 79 percent of over-55s had not formalised a lasting power of attorney – a legal document that lets an individual appoint someone to make decisions on their behalf should they become unwell or lose mental capacity.
Shockingly, 56 percent of these had made no formal provisions, while 23 percent had only thought about preparing one.
Tracy Rowden, private client partner at Mayo Wynne Baxter, said: “It can be difficult to envisage a time when you are not well enough to make decisions for yourself and appointing people to manage your finances should that happen can be the last thing on your mind.
“However, accidents and illnesses can happen to anyone at any time. Unless you are under the age of 18, no one automatically has the right to make decisions on your behalf should you lose mental capacity or go into hospital for an extended period of time and need help paying bills – even if they are your spouse, parent or child.
“Leaving this exercise until you begin to feel unwell or your mental capacity starts to become an issue is too late.
“While it is a sensitive and complex document that lasts for your entire lifetime, it offers vital protection. It is best to seek the help of a professional when writing one and ensure it is kept under regular review.”
