Over half of adults don't have a will: what's your excuse and is it valid?

A will is arguably one of the most important documents in your life but over half of UK adults don’t have one, according to a survey by financial services provider Canada Life.

Concerningly, one in eight surveyed said they had no intention to write a will in future. 

Making a will can help protect your loved ones after you die, and ensure your estate is distributed in the way you choose.

Here, we bust five myths around wills that might be putting you off from creating one, and explain how to get started.

• Looking to create a will? Which? will services provides a will-writing service where you can have the document reviewed by a specialist. Save 20% until 31 March – applies to Review only.

1. I don’t have enough assets to pass on

According to Canada Life, the top reason (26%) for not making a will is believing you don't own enough assets or wealth to warrant creating one. 

But when writing a will, you don't just decide how your estate is divided up – you also have a say as to who should look after your dependents and, if they're under 18, you can appoint their legal guardians.

If you have dogs, cats or any other pets, they may also need to be looked after if you pass away.

Nowadays, your estate will probably not just include physical and financial assets – such as money in the bank – but digital assets, such as photographs or cryptocurrency. 

If you have social media accounts, you can request specific people to delete or take these over on your behalf. 

• Find out more: reasons to create a will

2. My partner will automatically inherit my estate

If you die without a will, your estate will be shared out according to the intestacy rules.

This means you could inadvertently disinherit the people closest to you, which could include those who were dependent on you.

For example, if you’re not married to your partner, they have no automatic rights to inherit under intestacy rules. In this case, any children you have will inherit the estate. 

If you die without a will and don’t have a spouse or children, your estate will go to other relatives. This is decided by a set order of priority, starting with parents and followed by brothers and sisters. 

• Find out more: what to put in your will

3. I’m too young for a will

It’s never too early to make a will and there are some life milestones – such as getting married, becoming a homeowner and having children – where it is crucial you have a will in place. 

For example, if you are a joint homeowner and you are tenants in common, your share of the house will go to whoever is named in your will; but if you don’t have one, it will be distributed according to intestacy rules.

If you are joint tenants, the property would automatically go to the surviving owner. 

If you don't own property or have significant assets, there may still be other things you can pass on in your will – such as your pension. 

Pensions can be passed on to your beneficiaries without them having to pay inheritance tax on the money they receive.

• Find out more: will writing for new parents 

4. It's too expensive

Most people only need a simple will. These normally cost £100 or more to make, whether you're using a solicitor, will writer or bank. But it doesn't have to cost you anything as there are plenty of ways to create one for free. 

If your affairs are complex, you could spend more than £500 creating a specialist will.

There are various schemes that run throughout the year which you might be eligible for, including Free Wills Month in March and October, and WillAid in November.

Many charities provide free will-writing services all year round, although it's recommended you leave a gift to the charity in your will in exchange for the service.

If you're a member of a trade union, you could get your will written for free or for a low cost. 

Using a will-writing service is typically cheaper than using a solicitor, with prices starting from around £80. You’ll also get more guidance than doing it yourself, and it can be ideal if your circumstances are relatively straightforward but you want some support.

• Find out more: how to create a will for free

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5. I already have a will

Research done on behalf of The Association of Lifetime Lawyers (previously known as Solicitors for the Elderly) has found that almost half of UK wills could be out of date due to life-changing events such as marriage, divorce and death. 

In England, Wales and Northern Ireland, getting married or forming a civil partnership revokes a pre-existing will (this isn’t the case in Scotland).

While divorce will not automatically invalidate a will, your former spouse is treated as though they are deceased, which means you won’t be able to name them as either an executor or a beneficiary unless you create a new will.

We recommend reviewing and updating your will (if needed) every three years, or after a life-changing event. 

You can’t amend your will after it has been signed and witnessed, but you can make official alterations with what’s known as a codicil. This must be witnessed and signed in the same way.

A codicil is appropriate for something simple like changing your executor, and there are no limits to the number of times you can add one. But it shouldn’t be used for major changes – for example, removing a beneficiary. In these situations, it’s best to draw up a new will.

• Find out more: the six mistakes that can invalidate your will

How to create a will

If you need to create a will, you’ve come to the right place. We’ve got plenty of guides to help you get started, including what to put in your will, how to create a will and specialist advice for new parents and how to make one for free.

Which? will services also provides a will-writing service where you can have the document reviewed by a specialist. Save 20% until 31 March – applies to Review only.