Canada Life’s recent research has unveiled the UK cities with the highest number of adults without a will, showing significant gaps in estate planning. Leeds (57%), Sheffield (56%), and Nottingham (51%) top the list, with the majority of adults either not having written a will or only in the process of doing so. Conversely, residents of Brighton (36%), Cardiff (38%), London (39%), and Newcastle (39%) were found to be the most prepared, though substantial numbers still lack this essential legal document.
The study forms part of Canada Life’s Life100+ programme, which aims to shed light on the lack of inheritance planning discussions across the UK. It also found that less than half (49%) of the population have spoken to their loved ones about end-of-life plans.
Nationally, more than 44% of adults have neither written a will nor are currently drafting one. Among the reasons cited for not having a will, 26% of respondents felt they did not possess sufficient assets to justify it, while 20% believed they had ample time to make one. Additionally, 15% were deterred by the costs involved, and 14% assumed that their loved ones would automatically inherit their assets.
Stacey Love, tax and estate planning specialist at Canada Life, commented on the findings: “Passing away without a will in place can place a significant burden on our loved ones. However, our research highlights that, up and down the country, people are not planning ahead or having conversations about the future.
“No matter your age, writing a will should be a priority, even if you don’t think you have any real wealth to pass on. It’s also very important to have open, honest conversations with your loved ones about your inheritance plans, so they know what to expect.
“Once your will is written, remember to review it every few years to make sure it remains accurate. Family circumstances can change over time, and so your will needs to reflect this.
“Ultimately, estate planning is about preparation. While this may feel daunting, having conversations about inheritance and putting a will in place will take a huge burden off your loved ones’ shoulders. A professional financial or legal adviser will be able to support you through the process, offering independent advice and guidance when making or revising a will, as well as ensuring your estate is in good order for the next generation.”
