Revealed: The truth behind the top 5 will-writing myths in the UK

Writing a will can feel like a daunting task, especially as it could force you to confront things that you may not wish to think about.

If you’ve been putting off creating this important document, you’re not alone. A report by FTAdviser has shared that in 2023, 57% of Brits hadn’t written a will. The reasons given for not writing one were also illuminating, revealing that many were based on myths and misconceptions.

To help you make an informed decision about your own estate plan, read on to discover the top five myths that stopped Brits from writing a will in 2023, and the truth behind them. 

1. “I don’t have enough wealth to need a will”

This was the most commonly believed myth, as 25% of the survey respondents gave this as a reason for not writing a will.

The truth is, as assets grow in value and inflation rises, your estate might be larger than you realise. Zoopla’s house price index shows that, in December 2023, the average price of a home in the UK was £264,400.

If you own your home and have an investment portfolio that grows over time, by the time you pass away, you might have a significant number of financial assets to consider in your estate plan.

Moreover, even if you are only leaving a small amount of wealth to your beneficiaries, having your wishes documented in a will could reduce your family’s stress when the time comes.

2. “I still have plenty of time to write a will”

Though 22% of people felt that they had plenty of time to write a will, without a crystal ball it’s impossible to know for sure when you may need to have a will in place.

As the Covid pandemic so starkly demonstrated, it pays to have provisions in place as you never know what could be just around the corner. It’s much better to be prepared than to not have a plan at all.

Hopefully you won’t need to have a will for many years yet, but by creating one anyway, you cover all bases and ensure your family knows how to distribute your estate when you pass away.

3. “I have to know what I want to happen to all of my assets before I write a will”

In total, 16% of the survey respondents said they didn’t know what they wanted to happen to their assets after they die, and this was holding them back from writing a will.

While you will need to have an idea of what you want to write in the will in order to create it, if you’re not 100% sure, you could seek help from a professional.

Your solicitor can help you to consider the different options available to you, and your financial planner could point out any tax efficiencies that you could benefit from, including the potential Inheritance Tax (IHT) implications of your choices. They can’t decide for you, they may be able to offer some food for thought if you’re in need of guidance.

Plus, you can update your will later on if your priorities shift. It’s helpful to review your will at regular intervals, as this gives you an opportunity to update your wishes if they change. You will need to do this if you marry or remarry, as any existing will you have would subsequently become invalid.

4. “My loved ones will automatically inherit my estate if I die so there’s no need for a will”

This is a concerning misconception that 15% of the respondents held. If you die without a will, your estate will be distributed according to the laws of intestacy. These laws are strict, and depending on your circumstances dying without a will could have two main drawbacks:

• Your wishes won’t be considered when deciding who inherits your estate, so it might go to someone you wouldn’t want to offer an inheritance

• The process of distributing your assets may be much more time-consuming because it has to go through the courts.

So, even in the unlikely event that the laws of intestacy do mirror what you would like to happen to your assets, dying without a will could create additional stress and lengthy delays at an already challenging time for your loved ones.

5. “Writing a will is too complicated”

In total, 14% of the survey respondents said that they didn’t have a will because they didn’t understand the process. While it’s true that writing a will can feel daunting, it needn’t be complicated.

Your solicitor can walk you through will writing at a pace that suits you. They’ll be able to answer your questions and help you to consider the decisions you need to make carefully before committing them to paper. Moreover, your financial planner can help you to create an estate plan that aligns with your goals so that you can be confident that you’re making the most sensible decisions for you.

It all starts with you reaching out for help.

Get in touch

If you’re concerned about what might happen to your estate after you pass away, we can help you to create an estate plan that puts your mind at ease.

Email theteam@fortitudefp.co.uk or call us on 01327 354321.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

The Financial Conduct Authority does not regulate estate planning or will writing.