Internet advice company unbiased.co.uk recently carried out a survey into Wills and the process of regularly reviewing and updating them in line with a client’s changing circumstances.
The study, which was conducted by an internet poll of over 2,000 people, reveals a third of people who have an existing Will have not updated it in the past year. 18% have not updated it in the past 5-10 years, and 15% have not updated it in more than 10 years.
Personal finances can change dramatically over a period of ten years and it is important that people make sure their Will is up to date to ensure that their assets are left as they wish, at the time they pass away. Worryingly, 10% have undergone a relationship change – such as divorce, marriage or remarriage – in the past 10 years and have not updated their Will to reflect this.
Over a third of those who haven’t updated their Will in the past 10 years admit that they have either bought or sold a house during this time, meaning that their Will does not take into account their correct property ownership.
31% of those who haven’t updated their Will in the last 10 years also say that they have started a new savings account or made a significant addition to one, and 8% say they have made a major investment so these assets may not be taken into account in their Will.
The unbiased.co.uk research showed that over 57% of the population (28 million adults) currently still do not have a Will at all, leaving no guarantee their assets will be passed on to who they wish to inherit, and without any inheritance tax mitigation or professional advice.
More shockingly, 65% of those with children under 18 have not written a Will, meaning they have not appointed guardians or ensured their children’s inheritance is secured. In these situations, should they die while their children are still minors, Social Services & the Courts would decide where their children will live…
These figures highlight the need for people to re-visit their Will and update it each time a major financial or personal change happens in their lives. Only then will they have the peace of mind that their wealth will go where, when and how they want, and all their assets will be allocated as they wish. However, with over two fifths of people over the age of 50 not having a Will in place at all, it’s clear that many are leaving it too late.
Hopefully the release of these shocking statistics will prompt people to take action to write or update their Wills and ensure that their estates are distributed in accordance with their wishes rather than leave it to the intestacy rules or an outdated document.
Failing to update your Will can cause as many problems as not having a Will at all, so people need to take action to ensure they have an up to date Will just in case the worst should happen. Heir Tight Wills not only helps clients put in place robust provisions and valid documents to protect their loved ones and their assets both during their lifetime and after their death, but also remind them to keep their documents updated and relevant. For a FREE Consultation to discuss writing or updating your Will & estate planning provisions, contact Rachael Rodgers on 0845 519 7585, or CONTACT US via email.
(Statistics and information obtained from unbiased co.uk through the Society of Will Writers)
