Only 56% of UK adults have updated their will in the last five years, meaning around half of wills are out of date
23–29 January 2023 is Update Your Will Week, an awareness campaign hosted by Solicitors for the Elderly (SFE) to encourage more people to update their will and ensure their wishes are carried out when they die. This helps minimise disputes – easing distress (and costs) for your loved ones.
Why should a will be updated?
New research commissioned by SFE revealed that only 56% of UK adults have updated their will in the last five years, meaning around half of wills are out of date.
It also showed that half of UK adults have experienced a life changing event, such as getting married, divorced, or having a child since last updating their will.
How often should a will be reviewed?
We recommend that wills are reviewed and updated at least every five years, or when a major change occurs that impacts you or your loved ones.
Appointing a guardian for your children
The research revealed that almost three quarters of parents in the UK have no legal guardian in place to care for their children in the event of their deaths. According to the research, parents are almost completely unaware of the risks of not identifying a legal guardian in a will; this includes the courts or social services deciding what happens to your children.
With only two out of ten parents understanding that social services or the courts can step in to decide what happens to your children if you do not have a will in place, Weightmans' Sally Cook and Lorraine Wilson are keen to raise awareness of the risks involved when a guardian is not appointed.
What should I do next?
Speak to Sally Cook or Lorraine Wilson about making changes to an existing will or creating a new one. They are both fully accredited members of SFE, a national organisation of lawyers specialising in advising people planning for later life. They will be able to provide support and guidance as you discuss your unique situation and wishes. They can also help to advise you about reducing inheritance tax.
SFE lawyers are experts in this area of law and follow a strict code of conduct which has respect and dignity at its heart. Communicating in clear, straightforward language, they are trained to make sure that you understand the importance of the decisions you are making.
Get in touch today and make sure your wishes are communicated effectively when you die.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.