05.01.2009
Singles neglect estate planning according to Standard Life



One in five single people do not have a will drawn up, risking their dying wishes being unheard and having their estate divided by the law, according to research from Standard Life.

The 2008 Wills and Trusts Research Report shows that single people and those with children younger than eighteen years, are less likely than those who are married or been married, to have a will. Unattached people are also less likely to have a trust set up or signed a power of attorney, jeopardising their potential IHT allowances and exemptions and making their legal affairs difficult to administer in case of serious illness or death.

The research also shows that:

  • Despite the credit crunch and difficult economic conditions, almost a quarter of people (22 per cent) plan to leave money to charity in their will.
  • Nearly three out of five (59 per cent) are unaware that the Inheritance Tax free allocation is now transferable between husband and wife if unused on first death.
  • Over one third (36 per cent) know that an Inheritance Tax exemption exists for gifts made from left over income. Those who have signed a power of attorney, drawn up a will or have a trust in place are more likely to be aware of the Inheritance Tax exemption.
  • 40 per cent of people feel strongly about the kind of funeral they want, although only 19 per cent have their funeral wishes written down anywhere.
  • Nearly half (49 per cent) of all people do not store all their important documents (will, funeral arrangements) together or told their family where to find these.

Julie Hutchison, head of estate planning, Standard Life said, "Making a will and keeping it up to date can save family and friends a great deal of distress and, potentially, money, so it should be regarded as a priority. It is clear from our research that many people still need to get their paper work in order and perhaps aren't fully aware of the benefits of thorough estate planning and the tax exemptions and allocations they may be entitled to.

"It is particularly concerning that single people are more likely not to have made a will. If these people die intestate, that is, without having made a will, any plans made to leave the estate to friends or charities will remain unfulfilled and if there are no family members alive, the whole estate will go to the Crown."

For the full report please see http://www.standardlife.com/static/docs/wills_trust_2008.pdf

For further information, please contact:

Jo Scully
Direct 0131 245 9347
Mobile 075 2573 2102

Notes to Editors

  1. Standard Life Assurance Limited is recognised for the high quality of its customer service, in particular for providing a service that is consistent, reliable and responsive. Standard Life received recognition for this in 2008 when the company were voted a 5 star provider at the Financial Adviser Service Awards for the 13th year running. As a leading pension provider in the UK, Standard Life Assurance Limited was voted the Best Pension Provider at the Money Marketing Awards in 2006.

  2. Standard Life has approximately 7 million customers worldwide and provides an extensive range of products and services, aimed at meeting the financial requirements of customers throughout their lives.

  3. ICM carried out the research and interviewed a random sample of 1008 adults aged 18 plus by telephone across the UK between 1 ? 2 October 2008. ICM is a member of the British Polling Council and abides by its rules. Further information at www.icmresearch.co.uk.

Back to previous page