It is recommended that you update your will every five years, or when a major change in your life takes place, such as a birth, death, marriage or divorce which impacts you or your loved ones.
According to research commissioned by SFE, over half (51%) of people living in the Midlands who have a will haven’t updated it for more than five years, meaning nearly half of wills made in the region are likely to be out of date. Of those, over a third (35%) haven’t updated their will in more than 7 years, and over a fifth (22%) have gone 10 years or more without updating their will.
Having a well drafted and up-to date will is vital to ensure that your wishes are carried out in the way you would like when you die, and your estate and assets go to those you wish to pass them along to. Outdated wills can cause severe implications for your loved ones after you die, from missed inheritances to higher inheritance tax fees.
Other findings from SFE’s research revealed that:
- Only 16% of brits realise that remarrying invalidates a will.
- Less than a third (31%) of people realise stepchildren won’t be included in your will unless you stipulate that separately.
- 17% of people wrongly think you can update your will by making changes on the original document and initialling them.
Kirsten Wood, Wills and Probate Partner at Rothera Bray, said: “Many people assume that once you have drafted a will you don’t ever have to review it, and that your wishes will be carried out as you wish them to be posthumously – but unfortunately, that’s far from 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. All these details are crucial to avoid family disputes – which we know can be very distressing for your loved ones.”
The findings from SFE’s research also revealed that 54% of people in the Midlands don’t have a will in place at all, and one in ten British families (11%) have been caught out by a will that is badly drafted or out of date, leading to them missing out on their inheritance or their childhood home being sold without their knowledge, for example.
If you need to make a will, or your current will needs reviewing or updating, contact Rothera Bray’ Wills and Probate team on 03456 465 465 or at enquiries@rotherabray.co.uk. Many of our Wills and Probate solicitors are SFE accredited and can ensure your will is well drafted and sets out your final wishes.
To find out more about SFE’s Update Your Wills Week, visit www.sfe.legal
