What's mine may not be yours

Almost three quarters of UK adults have not made a will.

The average age of those who do seek to set their affairs in order is 59 years - or close to retirement age.

There are many reasons cited for not making a will - by far the most common is that people just hadn't thought about it, although a third of people said that they were "too young" and another two in every five people saying that they didn't have any assets.

Eddie Ryan, managing director of the Co-operative Legal Services (CLS), said: "The majority of adults in the UK are currently unaware of the importance of having a will - staggeringly, over 34 million people cannot be certain that when they die their money and possessions will go to the persons they wish, in particular their partners and children.

"It is also apparent from the research that there are a number of common misconceptions surrounding will-writing, however with the right professional legal advice it needn't be an expensive or laborious process."

Householders, who are used to calculating the value of their possessions every year when they buy their home contents insurance policy, or who have to calculate their pension savings requirements, should also consider what they have to leave to their families in the event of illness or death.

There is no minimum age or financial limit to making a will, and if it is a straightforward bequest, then it need not be any more expensive than a family restaurant meal.

06/06/2008 12:22:15