New research shows that around 47% of people in London may have a Will that’s out of date. Do you think you may be one of these people? Is your Will out of date?
It’s really important your Will is reviewed every five years or so, or when a major change in your life takes place (for example divorce, marriage, a birth or death in the family).
The research – commissioned by Solicitors for the Elderly – reveals that 46% of people haven’t checked their Will for more than the recommended five years. More worryingly is also found 33% haven’t looked at it for more than 7 years and for 24% it’s been more than a decade.
Many people assume that once you’ve drafted a Will you don’t need to review it, that your wishes will simply be carried out when you die. This is not always true.
If you remarry, for example, your Will gets revoked.
Or, if you marry into a family and have stepchildren that you’d like to inherit your assets, this won’t happen automatically unless you stipulate it in a new Will.
Getting these details right is absolutely crucial to avoiding hugely distressing family disputes further down the line.
An outdated Will can have severe implications for your loved ones including missed inheritances and higher inheritance tax fees.
But both the potential for damaging disputes and heavy financial implications can easily be avoided.
Reviewing your will doesn’t take long and, given it might save you a great deal of time, money and distress in the long run, it will definitely be time well spent.
If you would like to review your Will please contact Deniece Lines, one of our hugely experienced Wills and Probate lawyers and an accredited member of SFE Solicitors for the Elderly.