01 October 2008
People with children 'motivated to make a will'
Younger adults who have just had children are among the most likely people to make a will, the managing director of Exclusively Wills has suggested.
Paul Gachet stated that there are many reasons why people make a will - such as having children or losing a loved one - but that there are still many people who have not yet made a plan for their assets, possibly because of the credit crunch.
"The type of people who aren't making wills are the older people with not too many assets and [who] are on fixed incomes, but they are being hit by rising fuel costs, food costs and something's got to give, so they won't make a will," he explained.
According to the HFM Columbus Retirement Survey published in August 2008, some 59 per cent of people are concerned about inheritance tax.
A total of 91 per cent of the survey's respondents had made a will to ensure their assets are passed on to their loved ones when they die, but many expressed worries that a significant portion of their estate may be claimed by the government.