Further to International Women’s Day at the beginning of this week, it is great to see that the trend for the number of women planning for their and their family’s future, by creating Wills and Lasting Powers of Attorney, has been steadily increasing over the last few years.
A recent article (Closing the Gender Gap on Wills and Lasting Powers of Attorney | Today's Wills and Probate ) sets out how women are beginning to close this gender gap in future planning and, in fact, some evidence shows that more women than men are making Wills, with 51.74% doing so compared to 46.2% of men. With over 36% of small businesses now run by women and as there are more newly self-employed women than men in the UK, perhaps the increase isn’t all that surprising.
Regardless of gender, though, there are many factors that impact the increase we are seeing in planning for the future. Blended families are now becoming more common and individuals no longer want to assume their wishes can be carried out by intestacy rules, which can have unusual results. Undoubtedly in recent times, the global pandemic has also focused minds on planning for unexpected events.
But, although women have increasingly been making Wills, how does this fit with average age? Over half of all Wills made are by individuals aged 50 to 70, the average age being 58, which means that younger people who may be running their own businesses, growing their wealth and starting families have perhaps not planned for the future as much as one might like.
It is always important to get your affairs in order, whatever your stage in life and circumstances. Planning for the future isn’t always straight forward, though, and it is always important to receive specialist advice if you are thinking of putting a Will or Lasting Power of Attorney in place.
If you’re thinking about putting in place an LPA you can read this insight for more information - What is a Lasting Power of Attorney and how can I put one in place? | Tozers LLP
Or thinking about Wills - How do I write a valid Will? | Tozers LLP
For any help with Wills and Lasting Powers of Attorney 's then please contact our dedicated team who will be happy to help.
