The publication of new research this week reveals that a significant number of Britain?s retired population do not possess a will.

The figures that were released show that 22% of those who are 65 and over have no will, while a staggering 51% of consumers in the UK have no form of will at all.

This disinterest in will making is troubling to some experts in the industry, they state that the legal fees incurred while sorting out an estate when someone dies without a will can be extremely costly. In addition, the inheritance tax bill may be very high, not to mention the unnecessary stress that the family would have to endure.

Ray Black, IFA and Managing Director of Money Minder, shares his expert opinion on the subject: "Ask any probate solicitor whose been in the industry a few years and they are likely to be able to tell you about family feuds that started because Mum or Dad didn't have a will!"

"Furthermore, how an earth are surviving family members supposed to 2nd guess a deceased loved ones wishes with any real accuracy and how will they check they are getting it right/"

"There are loads of good reasons for making a Will but in my mind the most important one is to make sure your wishes are written down so that nobody needs to guess. On top of that, if you know that something you would like to see happen is likely to cause some stress within the family and friends you leave behind - make sure you get a good solicitor to write it down properly to avoid any misunderstandings or opportunities for a disgruntled beneficiaries to contest the Will!"

Many are being reminded that a large estate is not required to possess a will as experts fear that lack of wealth is putting many off writing one.

The Director General of the Society of Will Writers states that people do not necessarily have wills drawn up because of factors that relate to tax and wealth.

Having a will is likely to prove incredibly useful as they ensure that your loved ones are provided for and guardians are appointed. Possessing a will also ensures that your estate can be managed in the most cost-effective and time-effective method.

For those who are retired, drawing up a will should be quite high on their list of priorities, however with 22% of retirees not having a will and nearly a third of over 65s not claiming benefits that they?re eligible for, the older generation in the UK seem to be putting themselves and their loved ones at a distinct financial disadvantage.