Two-thirds of Britons risk leaving children or partners without what they want as they haven't made a will

By ADAM UREN FOR MAILONLINE

Updated: 05:06 EST, 7 July 2014

Almost two-thirds of British adults don't have a will and many of those with one have failed to update it following major life changes, a study has found.

A survey by Investec Wealth and Investment found that 64 per cent of adults don't have a will, with some putting off doing one because they don't fully understand how they work.

And of those who do, a third last reviewed theirs over six years ago, while 10 per cent did theirs 20 years ago, potentially failing to include children in the process.

Get a move on: Those who haven't made a will should do so immediately, Investec says.

The study also revealed ignorance about wills, with 81 per cent of married people not knowing their existing will was revoked when they tied the knot, while three in five don't know if or wrongly believe that they are automatically covered by their partner's will.

Nick Gartland, of Investec, said: 'Everyone should have a will but the sad fact is that most people haven’t got round to it or if they have it’s often severely out of date.

'There is also a lot of confusion about how wills work and this can lead to problems further down the line.

'We would recommend to anyone planning to draw up a will that they use a lawyer or will writing service as this is likely to reduce the risk of unintended consequences.

'Wills are particularly important for people who have gone through major life events such as getting married, having kids, separating or divorcing.

'For example, if you’re separated but not yet divorced from your wife, husband or civil partner, they will get everything if that is what the will says.

'Or if you have children and aren’t married, or are divorced, the whole estate will be divided between your children. This may seem good on the face of it, but could cause real problems between your children and your new partner.'

Fifty-eight per cent of those who don't currently have a will have said they do plan to get one at some point in the future, but Investec's advice is to do this as soon as possible.

Of these, a quarter said they will use a lawyer or will-writing service, 20 per cent will use a DIY template, while 13 per cent said they plan on writing it themselves in a letter.

But one in five people said they don't plan on writing a will at all, and face the prospect of dying intestate.