Three quarters of UK adults could bequeath their estate to the wrong person, according to a recent study by Standard Life.
Of the sample of over 1000 UK adults, 76 per cent had no will or had not reviewed it since their life circumstances had changed.
Over half, 57 per cent, would die intestate, not having a will at all. A further 19 per cent had seen a change in circumstances since writing their will
Of homeowners whose properties were worth over 150,000, 60 per cent have drawn up a will, compared to 37 per cent whose houses valued at under 100,000. Age is also a factor, with most wills being written by those over 55.
Reasons for not writing a will included not getting around to it or not having time.
Standard Life marketing manager (protection) Mick James says: Without a will people could find others benefit from financial planning at the expense of their loved ones. Few people will be aware that if they die intestate and have no surviving family members the Crown will receive the whole of their estate.