Out of date wills leave Britain’s inheritors at risk of losing out
· A third of people who have written wills have not updated their will in the past 5 years
· 23% have not updated their will since buying or selling a property
· 28 million Britons are currently without a will at all
· Take action this week as part of Unbiased.co.uk’s ‘Write a Will Week’
Unbiased.co.uk, the professional advice website, reveals a third (33%) of people who currently have a will, have not updated it in the past year. 15% have not updated in the last 10 years and only one in five (18%) updated theirs in the past five to ten years.
Personal finances can change dramatically over a period of ten 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% 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. Over a third (23%) 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%) of those who haven’t updated their will in the last ten 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.
Also Unbiased.co.uk research has shown that 57% of the population (28 million adults) currently do not have a will at all, leaving no guarantee their assets will be passed on to whomever they wish and running the risk of their family having to pay thousands of pounds in inheritance tax. More shockingly, two thirds (65%) of those with children under 18 have not written a will, meaning that they are running the risk of leaving their children without an inheritance.
Karen Barrett, Chief Executive of Unbiased.co.uk, “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 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.”
You can find an IFA near you via Unbiased.co.uk’s ‘find an IFA’ search and a solicitor via the ‘find a solicitor’ search. Both searches are completely confidential and free of charge.
ENDS
Opinium Research carried out an online poll of 2,005 British adults from 25th to 29th September 2009. Results have been weighted to nationally representative criteria. www.opinium.co.uk
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Unbiased.co.uk |
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Notes to Editors
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