Millions of Brits are risking leaving their loved ones with legal headaches, family rows and costly inheritance disputes because they have either failed to write a will – or made serious mistakes when drawing one up.
Around two-thirds of adults in the UK still do not have a will, according to the latest National Wills Report, despite growing concerns over inheritance tax, blended families and increasingly complicated finances. And even among those who do have one, many are falling into common traps that could leave relatives battling over estates or money ending up in the wrong hands.
Steven Greenall, adviser at Essex-based Greenall Estate Planning, warned that one of the biggest mistakes people make is treating a will as a ‘write it once and forget it’ document.
He said: “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.”
Outdated wills can sometimes result in inheritances going to former partners or relatives people no longer intended to benefit. Steven added: “That can create disputes within families or result in estates being distributed in ways that no longer reflect somebody’s wishes.”
Another major issue is people failing to consider what would happen if family circumstances changed unexpectedly. Steven said: “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.”
Experts also warn that many parents fail to think carefully about the age at which children or grandchildren should receive inherited money. Under current rules, beneficiaries can typically gain access to inherited assets at 18 – but some families may feel that is too young for someone to responsibly manage a large sum.
Steven said: “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.”
Choosing executors and trustees is another area where mistakes are commonly made. Executors are responsible for dealing with a person’s estate after death, while trustees may oversee money or assets left to younger beneficiaries.
But Steven warned that appointing the wrong people can trigger bitter rows and delays. He said: “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 urged families to leave clear written instructions and, where appropriate, include a separate letter of wishes explaining why certain decisions were made. The National Wills Report also found that 29% of people who make a will fail to tell anyone where it is stored – creating further stress for grieving relatives.
Steven said many families only discover after a death that nobody knows where the original document is being kept. He suggested storing wills securely with the National Will database and ensuring executors know how to access them.
He added: “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 rules evolving and family finances becoming increasingly complex, Steven warned that putting off writing or updating a will could prove costly. He said: “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.”
