I S YO U R W I L L U P TO D AT E ? By Ha n na h Lisseter DI RECTOR , GL A N V I L L ES DA M A N T
Research commissioned by Solicitors for the Elderly (SFE) has revealed that almost half (48%) of people living in the South of England who have a will haven’t updated it for more than five years, meaning nearly half of wills made in the area are likely to be outof-date. Of those, over a third (33%) haven’t updated it for over 7 years, and over a fifth (21%) haven’t looked at it for more than a decade. Having an up-to-date and well-drafted will is crucial in ensuring your wishes are carried out in the way you’d like when you die.
This research shows that:
We recommend that a will be reviewed every five years, or when a major change in your life occurs such as divorce, marriage, a new birth, or even a death in the family. SFE’s research has revealed that almost a third (33%) of people in the South with a will have had significant changes to their lives and circumstances since they drafted it, which can have costly implications for your loved ones after death – including missed inheritances and higher care fees and inheritance tax. This can be very distressing, particularly when it could have been avoided. For expert advice in reviewing your will contact Glanvilles on 01983 527878 or visit gdlegalservices.co.uk
• Only 16% of Brits realise that remarrying invalidates a will • Less than a third (31%) of people realise stepchildren won’t automatically be included in your will • 17% of people wrongly think you can update your will by making changes on the original document and initialling them. • 53% of people in the South of England don’t have a will in place at all • One in ten British families (11%) have been caught out by a ‘bad will’ – a will that is out of date or badly drafted.
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