Only four in ten people in the UK have a will

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LFC Risk & Insurance has recently launched a bereavement advice line

The Daily Mail, Telegraph and Moneywise recently published estimates that between 29.5 – 30 million people in the UK do not have a will. Shocking reading especially when knowing that when a person dies without leaving a will, the government will handle their estate.

Peter Collins (pictured) is Director of LFC Risk & Insurance Consultants and specializes in Executor Liability Insurance Peter advises that some 5,000+ wills are read in the UK each week (according to legacy trends from Smee and Ford) and warns that people should heed the following advice before making a will:

  • Make a careful choice of the people to be executors, (e.g. solicitor, guardians, trustees or friends that will be able to follow wishes).
  • People can write the will themselves. Peter recommends getting legal advice, to ensure that the will is a valid document.
  • People can opt for a ‘lasting power of attorney’ where they appoint people to help make decisions or make them on the person’s behalf if they become incapacitated - this is better handled by a solicitor.
  • Be specific in the will (list any individual items that will form part of the legacy e.g. jewellery and whom should receive it). Show how the funds are to be distributed to the beneficiaries.
  • Include details of any special requests that are required to be carried out at, or after, the funeral.
  • List details of any bank accounts, credit cards, pensions, insurances, timeshares, property, shares etc. and where they can be found.
  • With an increase in online banking, tell the executor’s where they will be able to find passwords.
  • Make sure that the will is formally witnessed and signed to make it legally valid.
  • Store the will and keep a separate copy in a safe place, and let the executors know.
  • Take time to review the will every year to make sure that you are happy with all arrangements, but any amendments must be witnessed to make it valid.
  • Confirm that you agree that the executors can arrange Executor Liability Insurance, to protect them from financial losses from innocent mistakes they may make in finalising the estate.

For those people that have not yet made a will, every March and October is Free Wills Month for those age 55+.

LFC Risk & Insurance has recently launched a bereavement advice line: 0800 0821 200
Although not a joking matter, famous wills include Shakespeare's (saying of wife Anne Hathaway): "I gyve unto my wiefe my second best bed with the furniture". Actor Peter Sellers left his three children £800 each, with the bulk of his £5m fortune going to his estranged fourth wife. It is believed he tried to change his will on the day he died.


Legacy Funding Corporation Limited is an Appointed Representative of Kinetic Insurance Brokers Limited; its registration number 568326. Wilmington Publishing & Information Limited is an Introducer Appointed Representative of Kinetic Insurance Brokers Limited; its registration number is 599350. Kinetic Insurance Brokers Limited is Authorised by, and Regulated by the Financial Conduct Authority, registration number 309540. This can be verified by visiting the FCA’s website or by contacting the FCA on 0845 606 1234

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Sarah Brockwell
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