The Darlington based firm says that too many people are leaving will making too late, causing problems particularly in cases of blended families. The study, which cited the large number of people who are almost in denial about their own mortality, highlights this complex issue.
The firm says that more needs to be done to get younger people to draw up wills at an earlier time; something which is particularly important if they have property and dependents.
Natalie Palmer, Partner in the Private Client department at Latimer Hinks, explained: “The perception that future planning formalities are only a concern for the middle aged and over has to change. Indeed, in many ways, the younger generation has an equal need to think not only about their wills but also about trusts, care fees, and lasting powers of attorney and they should be targeted accordingly.
“It’s a depressing subject and not one that most people would want to dwell on,
but isn’t it better to deal with it all early on and not have to worry about it at a later stage? Death is after all not something that happens only to older people.
“Perhaps we need to adopt a more Victorian attitude to death? They were entirely comfortable talking about it, and would have been excellent planners. Remember, we can't control when we die, but we can control what we leave behind; and this should matter to us all, regardless the age.
Natalie added: “What would happen if they lost capacity due to an accident? What fees might need to be paid by their partner? Would their children be prepared to inherit perhaps large sums at 18? Moreover, Generation Y has new and more complex issues to think about: who they would want accessing their data?
“What might their iTunes collection be worth? The problems of ‘blended families’ are particularly concerning, as they will in most cases be just as an important part of the family, but following the death of a step father or mother they will not be recognised.”