The National Wills Report found that around two-thirds of adults in the UK do not have a will
Millions of Brits are putting their loved ones at risk of legal complications, family disputes and expensive inheritance battles because they’ve either neglected to write a will – or made significant errors when creating one.
Approximately two-thirds of adults in the UK still lack a will, according to the latest National Wills Report, despite mounting worries about inheritance tax, blended families and increasingly complex financial situations. And even amongst those who’ve drafted one, many are making common blunders that could leave relatives fighting over estates or assets ending up with unintended recipients.
Steven Greenall, adviser at Essex-based Greenall Estate Planning, cautioned that one of the most significant errors people make is treating a will as a ‘write it once and forget it’ document.
He explained: “A lot of people write a will once and then never look at it again. But life changes. Marriage, divorce, children, grandchildren, property purchases and changes in family relationships can quickly leave an old will no longer fit for purpose.”
Out-of-date wills can sometimes lead to inheritances being passed to ex-partners or relatives people no longer wished to benefit. Steven continued: “That can create disputes within families or result in estates being distributed in ways that no longer reflect somebody’s wishes.”
Another significant concern is people neglecting to consider what might occur if family circumstances were to alter unexpectedly. Steven explained: “People often name beneficiaries without properly considering fallback arrangements.
“As difficult as it may be to think about, children can sadly predecease parents. If there are no alternative provisions written into the will, that can create complications and uncertainty later.”
Specialists also caution that numerous parents don’t think carefully enough about the appropriate age for children or grandchildren to receive inherited funds. Under existing regulations, beneficiaries can usually access inherited assets at 18 – though some families may believe this is too young for someone to handle a substantial sum responsibly.
Steven added: “Some families may not feel an 18-year-old is financially ready to receive a significant inheritance. In some cases, it may be more sensible to delay inheritance until 21 or 25 to avoid money being spent irresponsibly.”
Selecting executors and trustees represents another area where errors are frequently made. Executors handle a person’s estate following death, while trustees may manage money or assets left to younger beneficiaries. However, Steven cautioned that selecting the wrong people can spark acrimonious disputes and hold-ups.
He explained: “These are hugely important roles, and people sometimes assume family members will simply sort things out among themselves. But unfortunately disputes are very common when emotions and money become involved. As the old saying goes, ‘where there’s a will there’s relations’.”
He encouraged families to provide clear written guidance and, where suitable, attach a separate letter of wishes clarifying why particular choices were taken. The National Wills Report also revealed that 29% of those who create a will neglect to inform anyone where it’s kept – causing additional distress for bereaved relatives.
Steven noted that many families only realise after a bereavement that nobody knows the location of the original document. He recommended storing wills safely with the National Will database and ensuring executors understand how to retrieve them.
He continued: “A will is not much use if nobody can find it. People should make sure executors know where the original document is kept and how to access it.”
With inheritance tax regulations changing and household finances growing increasingly complicated, Steven warned that delaying the writing or updating of a will could prove expensive. He concluded: “Ultimately, a will is about making life easier for the people you leave behind. It is one of the most important documents most people will ever put in place.”
