Estate Planning Isn’t Just for Homeowners

Recent research has found that only 24% of renters in the UK have a will, compared to 45% of people with a mortgage. The figures suggest that many renters may see making a will as something to think about later in life or only after buying a home. 

It is easy to understand why. Many people associate wills with property ownership or significant wealth. If you are renting and feel that you do not have many assets, writing a will may not seem like a priority. 

However, this common assumption can be misleading. A will is not just about deciding who inherits a house. It is about making your wishes clear and helping the people you leave behind deal with your affairs more easily. 

As we explored in our previous article, Why Make a Will?, making a will is one of the simplest ways to ensure your wishes are respected and to make things easier for your loved ones during an already difficult time. 

The latest findings are a timely reminder that estate planning is relevant to far more people than many might think. 

Why are so many renters putting off making a will?

For many renters, the biggest barrier is the belief that there is simply no need for one. Younger adults may feel they have plenty of time, while others may think they do not own enough to make a will worthwhile. 

In reality, many renters have savings, personal belongings or other assets that they would want to pass on to family or friends. More importantly, having a valid will allows you to decide who you would like to benefit from your estate instead of your assets passing under the rules of intestacy (the rules that apply when someone dies without a will). 

This can be particularly important for people who live with an unmarried partner. Despite the common misconception, there is no such thing as a “common law spouse” in England and Wales, and an unmarried partner does not automatically inherit under the intestacy rules. 

Making a will gives you the opportunity to set out your wishes clearly and can provide valuable certainty for the people closest to you. 

Estate planning is about more than property

Whether you rent or own your home, a will is an important part of planning for the future. It is a record of your wishes and can provide certainty at a difficult time for those you leave behind. 

For parents, it can also be an opportunity to appoint guardians for children. For others, it may simply be about ensuring that treasured possessions or financial assets go to the people they choose. 

We have previously discussed this in more detail in our article, Reasons Why Will Writing in London Is Important, which highlights that planning ahead is about protecting the people who matter most to you, whatever your circumstances. 

Conclusion

The latest research should not simply be viewed as another statistic. Instead, it offers an opportunity for people to think about whether they have made arrangements that reflect their wishes and protect those closest to them.  It may also be a reminder to review any existing Will to ensure that it remains valid and reflects your current wishes. 

Whether you are a homeowner or a renter, having a professionally prepared will can provide peace of mind and greater certainty for the future. 

If you are considering making your first will or reviewing an existing one, the Wills, Trusts and Estates team at Anthony Gold Solicitors can provide expert advice adapted to your individual circumstances.  

Please contact us on 020 7940 4060 or email us at mail@anthonygold.co.uk