With March being Free Wills Month, giving people aged 55 and over the opportunity to have their will drafted or updated free of charge by a participating solicitor across the country, UK investment manager Charles Stanley looks at how many people in this age bracket have wills in place.   

New research from Charles Stanley finds that just over a quarter of mass-affluent UK citizens aged 55 and over do not have a will in place, a finding that has shocked the firm. Such an outcome means that instead of a person’s assets being split according to their wishes, it will be distributed according to the rules of intestacy and the law decides who inherits the property and money. 

“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,” Lisa Caplan, director of advice and guidance at Charles Stanley Direct, said. 

Writing a will allows a person to have control over what happens to their property, money and belongings after they pass away, the firm said.

The study's findings were issued in "free wills month," when people who are aged 55 or older can have a free will drafted by a solicitor. With estate planning and wealth transfer to the next generation a common wealth management topic, it remains striking that so many middle-aged, relatively wealthy people don't have a will in place.

The research for the Charles Stanley report was conducted by Censuswide, among a sample of 3,001 mass affluent consumers, aged over 18, defined as those earning above the UK average pre-tax salary of £33,000 ($41,500) and with at least £1,000 in accessible cash/savings. The data was collected between 14 and 21 February 2025.

The research found that 26 per cent of 55 year-olds and older do not have a will in place. This figure rises significantly when looking at the national average, with 46 per cent of consumers admitting they do not have a will.

Looking at why those aged 55+ do not have a will in place, 58 per cent said they don’t have a will in place just because they haven’t thought about it. “This could put them at risk of having no control over how their assets or finances are split and passed to loved ones in the event of their death,” the firm said in a statement.

Twenty-six per cent said they simply didn’t think they needed one. Of this, 11 per cent said they didn't need one because everything would go to their spouse when they die. Eight per cent said they didn't need one because they don't plan to have anything left when they die.

While 7 per cent said they didn't need a will because they don't mind what happens when they die, 7 per cent of over 55 year-olds said they don’t have a will in place because they don’t know how to go about writing one. Nine per cent also said they couldn’t afford to write a will.

Of those who do have a will in place, the research shows that 8 per cent of over 55 year-olds said they used a free will writing service offered by a charity, while another 7 per cent used a free will writing service offered by an organisation that isn't a charity. A majority (59 per cent), however, said they paid a professional to write their will, the survey reveals.

Labrynth
“Inheritance can be a complicated labyrinth to navigate no matter how much wealth you have, and speaking to a financial advisor 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,” Charles Stanley's Caplan said. 

“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,” she added.