Over a quarter of over-55s (27%) in the UK have no will in place, leaving them exposed to potential probate complications and unexpected inheritance tax (IHT) bills, a study by Canada Life has revealed.

When asked why they had not yet written a will, procrastination was cited as the most popular reason, with 38% of over-55s saying they had not got round to it.

Canada Life’s research, based on a study of 2,000 UK adults, one in five (21%) have not drawn up a will because they believe their estate will be passed on to their partner when they die, which is not always the case under UK intestacy law.

Around one in ten (12%) said it was too costly to get a will drawn up while and a similar amount (11%) just didn’t know where to start.

For those who do have a will in place, the research found that major life events often fail to prompt people to update their will, with two in five (39%) not updating their will after getting divorced.

The study also showed that 68% over-55s did not update their will after the purchase of a new home, after having children (53%) or after getting married (44%).

Technical specialist – tax, trusts and estate planning at Canada Life, Liz Hardie, said: “Leaving a will outdated, or not having one at all, means that UK laws of intestacy decide who will inherit your estate.

“This may not be aligned with your wishes and could result in a costly legal dispute or an unexpected inheritance tax bill if your assets go to your children instead of a spouse or civil partner.”

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