Research from Barclays has found that almost half of parents have made no will. The study polled 1,019 adults and found that 48% of parents and an overall 19% of people over 65 have not made a will.
If there is no will, in intestacy if the deceased has children, only £125,000 of an estate will pass to the spouse, plus income from half of the remaining amount, with the remainder being split equally between the children. If there are no children, the spouse could receive £200,000 and half the balance of the estate.
Payouts to other relatives may mean that the family home needs to be sold. Fifty six per cent say that they have not got around to making a will, with other reasons being 'too young', not having 'enough time to think about it' and finding it 'depressing'.
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