Will important for old and young

Financial planning is an important way of ensuring that people have the means to provide for themselves, particularly as they get older, but making sure they have made provision for their children or families is equally important.

While making a will is something that is "easy to put off", charity Help the Aged said that it is important that everybody put the plans for their finances after their death into place.

"It's your opportunity to ensure that your hard-earned savings pass to the individuals or charities of your choice," said Helen Foster, head of wills and legacies at the charity.

A report by Co-operative Legal Services revealed that on average, people in the UK wait until they are 59 before writing a will, and 40,000 adults die before reaching that age.

Ms Foster added: "You’re never too young or old to make a will."

Planning ahead is particularly useful for wealthy people, who can maximise inheritance tax savings by putting a will into place sooner.