Third Of Wills Not Updated In Five Years
By Liz King
A THIRD of people who have written a will have not updated it in the last five years, and could be putting their families at risk by failing to keep it up to date.
Some 28m people in the UK do not have a will, but even those who do may not be helping their dependents if they fail to revisit it each time they go through a major life event, such as a marriage, divorce, buying a house or having children.
Yet a quarter of those with wills who have either bought or sold a property have not updated their legacy.
Karen Barrett, chief executive of Unbiased.com, which undertook the research, said: “Personal finances can change dramatically over a period of 10 years so it is important that people make sure their will is up to date to ensure that their personal wealth is left exactly as they wish at the time they pass away. Worryingly 10 per cent have undergone a relationship change, such as a divorce or getting re-married, in the past 10 years and have not updated their will to reflect this.
“A person's immediate family could also not get what they are entitled to if the will doesn't take all assets into account. Nearly a quarter 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.
“Nearly a third (31 per cent) 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 per cent say they have made a major investment so these assets may not be taken into account in their will.”
Nearly three in five people in Britain have not written a will yet, and a shocking two thirds of those with children under 18 have not got a will, potentially preventing their family from benefiting from their inheritance.
Ms Barrett added: “People need 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 to whom they want and all of 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 is clear that many are leaving it too late. 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.
"We are asking people to take action during ‘write a will week' and not put off writing or updating their will for any longer. With the most common reason for failing to write a will being apathy, followed by those who don't think they have anything to leave, people should take time out this week to make or update their will as even without expensive assets a will is essential to legally uphold your lasting wishes after you die. Going about writing your will doesn't have to be bewildering, it costs as little as £100 to seek legal advice to draw up a valid will and independent financial advice to guide you through allocating your assets. Mitigating tax can also cost less than you think. We are urging people to visit an independent financial adviser and a solicitor today to provide peace of mind that your loved ones will be protected after you are gone."
