- One in four over 55s have not yet written a will - leaving millions of estates exposed
- Major life events are not prompting will updates – just two in five did so after getting divorced
Despite being the demographic most likely to have built up significant assets, new research1 from Canada Life reveals one in four (27%) over 55s have no will in place, leaving millions exposed to potential probate complications and unexpected inheritance tax bills.
When asked why they have not yet written a will, procrastination was the most popular reason, with 38% of over 55s saying they simply had not got round to it.
One in five (21%) have not drawn up a will because they believe their estate will be passed on to their partner when they die, which is not always the case under UK intestacy law.
One in ten (12%) said it’s too costly get a will drawn up, and a similar amount (11%) just did not know where to start.
Millions risk unintended consequences from outdated wills
For those who do have a will in place, the research found that major life events often fail to prompt people to update their will.
Nearly two in five (39%) did not update their will after getting divorced.
Two in three (68%) over 55s did not update their will after the purchase of a new home, after having children (53%) or after getting married (44%).
Liz Hardie, Technical Specialist – Tax, Trusts and Estate Planning, Canada Life says:
“Leaving a will outdated, or not having one at all, means that UK laws of intestacy decide who will inherit your estate. This may not be aligned with your wishes and could result in a costly legal dispute or an unexpected inheritance tax bill if your assets go to your children instead of a spouse or civil partner.”
Not having a plan in place can leave families unnecessarily exposed to additional financial and emotional stress. Canada Life’s Life100+ research programme2 found one in five adults3 (21%) has experienced a family dispute over inheritance, underlining the importance of having a plan in place.
Not having a will can also cause avoidable delays to the probate process. Of those who have experienced a probate delay, one in eight (12%) said it was because there was no will in place, and the same amount (12%) said it was due to the will being poorly drafted.
Liz Hardie continues:
“Pensions coming into scope for inheritance tax from 2027 is already expected to complicate the probate process, as families are tasked with tracking down a lifetime’s worth of pension policies. Not having a will only makes this process even harder, potentially causing delays or even penalties for not paying an inheritance tax bill in time. With inheritance tax potentially in the Chancellor’s sights ahead of the upcoming Budget, it’s a good time to make sure your will is up to date, or draft one if you haven’t already.
“Whilst policy and tax rules can shift, the fundamentals of protecting your loved ones remain the same. Having a will in place is a tool that can offer certainty and control – it ensures your wishes are clearly documented and your assets and belongings are distributed to your loved ones in accordance with your wishes once you are gone.
“Your will can, and should, evolve in the same way that life evolves. Whether it’s getting married, buying a new home or welcoming a new grandchild, these are the trigger moments that should prompt you to re-evaluate the legacy that you wish to leave behind. A professional financial or legal adviser can offer independent advice and guidance when drawing up or updating a will, as well as ensuring your estate is in good order for the next generation.”
Ends
Notes to editors
- Survey conducted by Opinium among a nat rep sample of 2000 UK adults between 7-11th October 2025.
- More information about Canada Life’s Life100+ programme can be found at https://www.canadalife.co.uk/life100-hub/
- This research was conducted by Opinium among 2000 UK adults between 1-4 October 2024.
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About Canada Life:
Canada Life is part of a group of companies controlled by Great-West Lifeco Inc., a Canadian headquartered, international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. Through its subsidiary companies, Great-West Lifeco operates in Canada, the United States, and Europe. Great-West Lifeco trades on the Toronto Stock Exchange under the ticker symbol GWO and is a member of the Power Corporation group of companies.
Canada Life Limited began operations in the United Kingdom (UK) in 1903 and provides UK individuals and businesses with a range of retirement, investment, insurance and wealth solutions. Canada Life offers individual annuities, pension de-risking solutions, home finance, estate planning and investment options, and workplace protection products.
Canada Life Limited (no.973271) is registered in England and Wales, authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Stonehaven UK Limited (no.05487702), trading as Canada Life, is registered in England and Wales and is authorised and regulated by the Financial Conduct Authority. Canada Life International Limited (no.033178C) and CLI Institutional Limited (no.108017C) are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority. Canada Life International Assurance (Ireland) DAC (no. 440141) and Canada Life International Assurance (Ireland) DAC are authorised and regulated by the Central Bank of Ireland.
Canada Life Asset Management is the brand for investment management activities undertaken by Canada Life Asset Management Limited (no.3846821), Canada Life Limited and Canada Life European Real Estate Limited (no.03846823). Canada Life Asset Management Limited is authorised and regulated by the Financial Conduct Authority.
Please note that while Canada Life Limited and Canada Life Asset Management Limited are regulated as stated above, property management and the provision of commercial mortgages are not regulated activities.