More than half of Britons aged over 55 have yet to write a will, new data show, leaving millions of estates vulnerable to intestacy rules and potential disputes.
Survey reveals widespread lack of wills
A survey conducted by Manak Solicitors found that just 47% of people aged 55 and over have a valid will, with 50.75% admitting they have not written one. Among younger adults, only 20.8% of those aged 18 to 24 have a will, rising slightly to 24.7% for those aged 25 to 34.
The top reason cited for not having a will was “not getting around to it,” followed by the view that it is a “low priority.” Nearly 9% of respondents believe they do not own enough to need a will.
Expert urges action
Rima Patel, wills and probate solicitor at Manak Solicitors, said: “A will isn’t just for those with significant wealth or those later in life. It provides clarity, ensures personal wishes are respected and can help reduce uncertainty and potential disputes for loved ones.”
She added: “The biggest barriers to making a will aren’t necessarily cost or access, but simply putting it off. For many people, estate planning takes a back seat to more immediate priorities, with major life events such as buying a home, getting married or having children often acting as the trigger to finally make a will.”
Consequences of dying intestate
Dying without a will, known legally as dying “intestate,” leaves the distribution of assets entirely to statutory rules rather than personal choices. Under intestacy laws, estates are typically divided among the closest relatives, such as a spouse, children, parents, siblings, or more remote family members.
However, these laws do not account for the complexities of modern family dynamics, such as stepchildren, unmarried partners, or estranged family members. This can result in unintended beneficiaries receiving a share of the estate.
Beyond family disputes, dying intestate can also lead to unnecessary inheritance tax exposure. Strategic planning allows people to minimise tax liabilities and hand over more wealth to loved ones.
Wills need regular updates
Ms Patel emphasised that making a will is not a one-off task. She said: “Wills should be reviewed regularly, ideally every five years, or sooner if your circumstances change. This includes getting married, divorced, having children or acquiring significant assets, to ensure they continue to reflect your wishes.”
“The findings highlight the importance of thinking about estate planning sooner, while also keeping it up to date throughout life.”
