Drawing up will 'important for retirement calculator users'

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Drawing up will 'important for retirement calculator users'

Tue 26th Apr 2011

People who are planning for their later years with a retirement calculator and savings products have been reminded of the importance of writing a will.

A study carried out by Standard Life found that 51 per cent of British adults do not have a will drawn up.

It noted that there is a strong trend across different age ranges, with 60 per cent of those aged 35 to 44 years old not having a will, compared with the 22 per cent of over-65s who risk dying intestate.

Julie Hutchison, head of estate planning at Standard Life, noted that the legal cost of dividing an estate can be far larger than planning a will.

"People spend their lives trying to provide the best they can for loved ones, but they're falling at the final hurdle by not protecting their futures when they're no longer here," Ms Hutchinson added.

Recently, LV= stated that the government should keep the possibility of early access to pensions open as an option for further discussion at a later date.

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