Cost, complacency and concerns about family disputes are amongst the leading reasons why people put off writing their will, according to research published this week. The result is an “inheritance timebomb,” the Association of Lifetime Lawyers (ALL) warns.
The membership body for lawyers who support older people and those in vulnerable circumstances said their research reveals nearly three in five people aged 45–54 do not have a will at all, compared to 48% of UK adults aged over 30.
The research, which was conducted across a sample of over 2,000 UK respondents aged 30 and over, also revealed that cost influences the decision to write or update a will for more than half of respondents (56%) – despite knowing a valid will can prevent significant stress, legal costs and family conflict later. Almost half (48%) said they worry that an outdated or missing will could cause arguments or disputes among their family.
The lack of planning is leading to an increase in disputed estates, according to an ALL poll. The survey of 118 ALL members found a “significant proportion” (78%) of respondents reported seeing an increase in contested estates over the past five years, with many disputes driven by unequal distribution between children, blended family dynamics, DIY wills, poorly drafted wills or no will at all. The same survey found the majority (91%) of respondents said their clients are “generally surprised” by the legal consequences of an outdated or missing will.
Emma Bryson, ALL board director and a senior associate in Michelmores Disputed Wills, Trusts & Estates team, explained:
“Modern families are changing fast, but the legal documents meant to protect them aren’t always kept up to date. People often assume everything will be obvious to their loved ones, but that’s rarely true. The reality is, without a will, or – even with one that’s out of date – confusion and uncertainty about someone’s wishes can quickly turn into painful inheritance disputes.”
Inertia and complacency play a role when it comes to estate planning, with nearly six in ten (59%) of 30–34 year olds without a will saying this is simply because they’ve “never really thought about it”. The same reason was also cited by 44% of those aged 35–54, and 40% of people aged over 55.
When respondents were asked about their own attitudes toward being the beneficiary in a will, 26% said they would consider challenging a will or inheritance they felt was unfair or did not reflect the deceased’s intentions.
ALL added the statistics meant were heading for an “inheritance timebomb”.
“This is not just a legal issue, it’s a family one,” Bryson said.
“When intentions and legal documents don’t align, loved ones are left dealing with uncertainty, resentment and, increasingly, court action. Regular will reviews aren’t a luxury; they’re an essential part of protecting the people you care about.”
