Herald - Issue 417

6th January 2022 • The HERALD • Page 53 v THE HERALD - Your Community Magazine v ASK A PROFESSIONAL Tel: 023 8254 7600 TMT House, 12 The Marsh, Hythe, Southampton, SO45 6AL enquiry@tmtlegalservices.co.uk www.tmtlegalservices.co.uk Your Local Legal Specialists WILLS & PROBATE ONLINE AND PHONE CONSULTATIONS AVAILABLE Call the Team on 023 8254 7600 or visit our website for our online quotation tool where you can also instruct us LJM Bookkeeping Services I provide a range of accounting and business services to individuals, partnerships, charities and small businesses. I am licenced through the Institute of Certified Bookkeepers for the following services. Bookkeeping, Computerised Accounting Software, Final Year End Accounts, Payroll Management, CIS, VAT, Self Assessment Tax for Individuals and Construction Industry Scheme, Statutory Accounts for Small Businesses including Corporation Tax and related submissions, Holiday cover can also be provided for, hourly rates charged. Please contact Lynda McIntyre Email:  ljmbookkeepingservices@gmail.com Telephone: 07774 790543 Where There’s a Will, There’s a Way: 37% of Brits say their perspective on will writing has changed since the pandemic Legal & General commissioned a survey to uncover the UK’s attitudes towards and reasons for writing a will, and how this has been impacted by the COVID-19 pandemic. e research found that the pandemic has impacted different generations in contrasting ways when it comes to will writing. More than a fifth (22%) of respondents aged 16-24 strongly agreed that their perspective had changed on will writing since the pandemic, the highest of any age group. However, 30% of people aged 55+ strongly disagreed with this statement. As a result of this perspective shi , over half (52%) of respondents aged 16-24 claim to have updated their will within the last year . is is higher than the average, as almost a quarter (24%) of all respondents had updated their will within the last year, while for over 55s this was only 14%. Among those who have updated their will, 18% of 16-24 year olds said they did so after falling ill from COVID-19 , compared to only 1% of respondents aged 55+ choosing this option. But what other motivations do Brits have for writing a will? L&G found that the most popular reasons were: • To make sure my assets are being le to the right bene ciaries (47%). • To ensure that my family are provided for nancially (43%). • To determine who will manage and handle my a airs (32%). • To determine who would look a er my children (18%). • To avoid paying more inheritance tax than required (13%). With family considerations being cited as a top reason for taking out a will, it’s no surprise that most people choose to leave their assets to their children (60%), spouse (38%), and siblings (15%) . However, the survey revealed that some Brits plan on leaving their assets to their pets! 15% of respondents aged 16-24 have used their will to leave assets to their furry friends , the highest of any age group. Respondents in the North West of England also admitted to this, with 14% choosing their pet as a bene ciary. While some Brits are prioritising their pets, others are using their will to give back, as 10% of respondents said they have chosen to leave assets to charity . Charitable giving was most popular among residents in the South East compared to any other region, with 14% leaving assets to charity. Despite the indication of a will writing boom early on in the pandemic, data suggests that the uptake is not universal. Two thirds (66%) of people in the UK know the value of their assets , yet a majority have not yet written a will (53%) . ere is evidence of a gender divide as only 41% of women have a will, compared to 53% of men . ere is also a regional di erence: 64% of people in Northern Ireland do not have a will in place (the highest of any region), compared to 45% of Londoners. For those who have not taken out a will, the most popular reason for this was ‘I haven’t got round to it’ was the most popular answer given, cited by 40% . is was followed by ‘I have no assets to pass on’ ( 21% ), and ‘I’m too young ( 14% )’. 6% of respondents claimed they had not yet taken out a will because it’s too much effort . is could be due to a lack of knowledge and understanding of how to make a will. L&G’s data revealed a further generational divide in knowing the rules of intestacy. ose aged 16-24 were most con dent about this: 24% said they were ‘very confident’ , compared to only 14% of 45-54 year olds . Although 17% of people without a will admitted that nothing would make them more likely to write one , the majority (64%) said they do plan to write a will in the future . 35% of respondents without a will said that they would be more likely to write a will if they came into money or fell ill, and 31% cited advancing age as a motivator to write a will in the future.