Our recent online poll found the majority of people understand the importance of making a will, but not of keeping it updated. Major life events such as getting married or having a child can invalidate your will. Contact one of our specialists to arrange a free 30 minute consultation.
Richard Barlow, of our probate team said: “We’re pleased the message about the need to make a will is getting through, but we were surprised so many people thought it didn’t need updating. There are a number of milestones in life that can affect who you wish to inherit your assets and it is important the instructions you leave reflect your current circumstances.”
Only 33% of respondents to the poll thought a will should be updated every five years, which is what we as a firm recommend. We also asked Twitter users to identify the most important reason for making a will. The top two answers being to take care of family (51%) and leave clear instructions (31%).
Richard added: “Marriage automatically revokes any existing wills, so it is vital they are made again, even if the terms are to be the same and obviously, if couples divorce, their wishes should be reviewed and amended where necessary.”
“The arrival of children can have a huge impact on your attitude to the future. Most parents want to ensure their family is provided for and nominate guardians, should anything happen to both of them. As their offspring grow, we find attitudes can change and some couples want to guard against an adult son or daughter inheriting outright, if they are going through a difficult time, be it divorce, bankruptcy or an addiction”.
“Finally, estates fluctuate in value and people need to make sure their will is consistent with their finances. As wealth increases, so does the impact of inheritance tax, which means careful planning is needed to take advantage of available exemptions and allowances.”