New research from national law firm Shakespeare Martineau shows that this year’s Autumn Budget has prompted a notable rise in estate planning activity in the West Midlands, with many households reassessing their long-term financial security.
The survey of 2,500 UK adults, including 587 in the West Midlands – conducted immediately after the government’s budget on Wednesday, 26 November – reveals that 25% of West Midlands residents plan to make or update their wills following the Chancellor’s announcements, slightly higher than the UK average of 21%.
The likelihood of updating a will is slightly higher among men (25%) than women (23%), and is particularly pronounced among 25-34-year-olds (29%) and 35-44-year-olds (29%), compared with 24% of 45-54-year-olds. Employment status also plays a role, with 31% of full-time workers planning to act, compared with 19% of part-time workers and 17% of retirees.
Hannah Tait, private client partner at Shakespeare Martineau, said: “The Autumn Budget has prompted many people in the West Midlands to take a fresh look at their long-term financial arrangements and wills are a key part of that planning.
“Updating your will ensures your estate is distributed according to your wishes and that your loved ones are protected, particularly in a changing tax and economic environment.
“Younger adults and those in full-time employment appear most motivated to act, reflecting a growing awareness of the importance of having clear plans in place. Even small changes to personal circumstances or financial position can have significant implications for your estate, so reviewing and updating your will regularly is essential.
“While estate planning can feel daunting, it is one of the most effective ways to safeguard your family’s future and secure your legacy. Taking action now, rather than delaying, can give peace of mind that your wishes will be respected and your loved ones supported.”