70% of British adults aged over 50 don’t have a valid will, according to new recent search by QualitySolicitors.
And of those who did create a will before their 50th birthday, almost half (46%) admit a major life change has occurred since they last updated it.
This laid-back approach to making and maintaining a will is leading to more disputes. This is in-spite of the fact that over two-thirds (69%) of the over 50s admit they wouldn’t be completely confident that their family members would know how to attend to their wishes or distribute their assets in the event of their sudden death.
The alarming findings not only highlight a lack of urgency amongst older Brits in getting their affairs in order, it also shows how many don’t realize how important it is to keep their will updated as their and their family’s lives change over the years.
For example, a quarter (24%) of over 50s who have created a will have not updated their document for over five years, with one in 10 (10%) leaving it untouched for over a decade. Nearly half (46%) admit they have never reviewed their will, despite many major life changes occurring since they made it, including:
Almost a quarter (22%) have a new grandchild they’d now want to be considered
One in five (20%) have either bought or sold a property
One in 10 (11%) have a new daughter or son in law following their child’s wedding
One in 16 (6%) have come into an additional significant amount of money that should be taken into account
Commenting on the findings, Vivien Bradley-Shaw, Associate Member Solicitor for the elderly at QualitySolicitors Large & Gibson said:
“Lots of us think we do not need a Will. However, in the event of your death the rules governing who benefits from your estate may not lead to the result you think or would like. With so many of us cohabiting, having children outside of marriage or on a second marriage it is vital to have an up to date Will in place. QS Large and Gibson can help you put your affairs in order. We are happy to talk to you about your circumstances and advise on the best option for you.”
The firm will be discussing the importance of wills but also Lasting Powers of Attorney and Care Planning at a a seminar organised on the 23rd of September in Portsmouth.
See more information here.