Only a quarter of people in their 40s and 50s have an updated will that reflects their current wishes, family and financial situation, according to research published by the Association of Lifetime Lawyers, which has warned that an ‘inheritance timebomb’ looms.

Some 2,002 over the age of 30 were surveyed at the start of this year. Of those aged 45-54, 45% did not have a will, 15% started a will but not finished it, and 15% had not reviewed or updated their will in the last five years.

Nearly half of all the respondents were concerned that an outdated will would cause a family argument or dispute following their death. One in five considered challenging a will or inheritance.

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Eight in 10 lawyers have seen a rise in contested estates over the last five years, with many disputes driven by unequal distribution between children, blended families’ dynamics, DIY or poorly drafted wills, or no will at all.

Solicitor Emma Bryson, a board director for the association, told the Gazette that the absence of a will can be a problem, for instance, for unmarried couples living together. She has also seen disputes over funerals and burials. Siblings often go to war.

‘Having a will is one of the most important documents you can make. The cost of putting a will in place now is minor compared to the costs that will be spent if disputes arise as a result of death,’ Bryson said. On DIY wills, Bryson said: ‘It’s a document that can be produced by anyone but it’s not necessarily going to be good or right or protect you if it’s not done properly.’