There is a 110 per cent lack of public information about wills, according to a leading financial adviser.
Gary Festa, director of HFM Columbus, said that the lack of knowledge meant people were failing to get to grips with writing a will causing some costly errors.
Mr Festa commented that too many older people with wills thought that they had sorted their estates out years ago, when in fact the information was no longer relevant.
"I think there is a danger of people doing wills years ago and they are not live anymore because they aren't up to date," added Mr Festa.
The main problem with out of date wills is that certain parties involved may already have died or the trustees mentioned don't exist anymore, invalidating the document.
It is important for such people to revise their wills.
A HFM Columbus retirement survey in August found that three-quarters of pensioners believed it was important to pass on assets to their loved ones.
Published on: September 30, 2008