According to a recent survey by Macmillan Cancer Support, two thirds of adults in the UK do not have a will, and many of those that do have not updated them to reflect their current wishes or personal circumstances. The article cites many good reasons for making and reviewing wills, including the fact that the intestacy rules which apply in the absence of a will do not cater for unmarried partners, and that existing wills are automatically revoked on marriage.
It is also worth noting that some people may underestimate the extent of their estates when they do not consider that they own sufficient value to "justify" making a will. The process of preparing a will can focus the testator's mind on the potential sources of value (both economic and sentimental) which may not be immediately obvious. In particular, the digital age has produced new types of assets and sources of potential (but as yet uncertain) value such as holdings of cryptocurrencies, domain names and social media influence. A properly drafted will, along with an up-to-date asset inventory (including digital access details for the benefit of executors) can help to avoid loss of value occurring as a result of a significant delay to the administration of an estate.
Nearly two thirds of UK adults don't have a will, research finds [...]Previous research from Macmillan found that people’s top reasons for not having a will included them having “just never got round to it”, as well as the belief that they don’t have anything valuable to leave and that they don’t need to write one until they’re older.