Some recent statistics released by His Majesty’s Revenue and Customs (HMRC) pertain to the value of gifts left to inheritors, and Will writing solicitors in North Wales can use this information to support their customers.
HMRC collects data on a wide range of financial matters including Wills. For example, from figures released in 2024, it has been estimated that the average value of an estate left by a testator was £333,173. It is important to note, however, that this figure was pulled from details submitted between 2019 to 2020 and does not include Wills that did not go through the probate process. The largest value item was generally property, though the value of the mortgage debt often outstripped the asset. Other high-value items include cash and insurance policies.
Generally speaking, men appear to have more assets and a higher net value than women, with males having over 10% higher value assets than females. Simultaneously, married or cohabiting couples have more assets than those who are single. Some statistics are less surprising than others, with the age of the testator a key factor to the amount they leave in their Will. Overall, the stats suggest that the older the Will writer, the more they have to leave. Wills solicitors in North Wales have also noted that the available figures represent only 280,000 estates, though during the period in question, there were over 600,000 deaths in the UK.
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