Two-thirds (58%) of adults in that demographic don’t have one written as they hadn’t yet thought about it, while a quarter (26%) do not think they need a will.
The reasons for believing a will is not needed included the belief everything will go to a spouse and people not caring what happens to their possessions or property when they die.
Almost one in 10 (8%) of those without a will do not intend to have anything to pass down to their relatives.
The levels rise for UK adults aged below 55 years old, with over half (46%) admitting they do not have a will.
March and October are Free Wills Months, a time when charities offer a will written for free and firms raise awareness of the importance of having one.
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A tenth (8%) of those with wills had theirs written with the help of a charity, while 7% used a free writing service from elsewhere. Over half (59%) of adults with a will used a professional to create their will.
‘Astounded to see how many people do not have a will’
Lisa Caplan, director of advice and guidance at Charles Stanley Direct, said: “We were astounded to see how many people still do not have a will in place. While thinking about our own mortality is something we’d rather avoid, it is an important consideration to factor in when it comes to wealth planning, inheritance, and also any loved ones we may be leaving behind.
“Inheritance can be a complicated labyrinth to navigate no matter how much wealth you have, and speaking to a financial adviser can help clear things in your mind while also putting effective estate planning strategies in place to structure your estate to make sure your beneficiaries get as much as possible when you die.”
Caplan added: “A will forms an important part of this inheritance planning, and is one area where you can still establish some certainty that your wishes will be carried out after you’re gone.
“It can also help your family manage your affairs more quickly, avoid infighting and ease the process at what will be an incredibly difficult time for them.”
