Parents failing to insure their futures

18 August 2005
Half of the UK's parents are yet to write a will, research has found, raising concerns that many adults are failing to protect their family's best financial interests.

According to Barclays, 48 per cent of adults with children and 19 per cent of over 65s have not written a will at all.

Steven Ingledew, director of Barclays Financial Planning, believes it is pertinent that all adults have a will as it is an effective and easy method through which wealth can be protected and wishes can be fulfilled.

"An astonishing number of Britons are choosing to postpone writing their wills — even if they’ve got children or have already retired. We suggest that people coming back from their summer holidays take a little time to sit down and write or update their wills," he said.

Mr Ingledew added: "This will save an enormous amount of worry for both themselves and their families, particularly before going away on holiday."

Barclays warns that only £125,000 of an estate will be automatically transferred to a spouse, if there are children in the family, with the rest of the equity being equally distributed between the children.

To read more about insurance, click here.

track© Adfero Ltd