Is your Will fully up-to-date?
Many of us have heard of or experienced firsthand the emotional rollercoaster of being plunged into a legal dispute when a family member passes away without a Will.
70% of Britain’s over 50s not having a valid and up-to-date Will, so could you be at risk of putting your loved ones through an emotional rollercoaster upon your death?
Why the delay?
New research, commissioned by QualitySolicitors, the UK’s leading network of solicitors, shows the top reason for not making a Will is a concern many have about the cost of making and maintaining it. Given it is arguably one of the most important legal documents you will ever make and can cost as little as £75 to create (for a simple single will), this cannot be the only reason that the vast majority are leaving their Wills unchecked.
The survey shows the reasons are plentiful and wide-ranging, including: an embarrassment in discussing personal matters with a third party, a lack of time, thinking it’s “too much of a hassle”or a genuine belief that many people have that they don’t have any ‘assets’to make it worthwhile. Do any of these sound familiar? If yes, you are not alone.
Your responsibility
Unfortunately, in not making a Will, you are likely to be leaving a legal minefield for your loved ones to negotiate. This is hard for those left behind, particularly as according to the survey, two thirds of people don’t feel completely confident that their loved ones would know how to follow their wishes on their death.
Recent changes to the intestacy laws have highlighted the need to check your Will is up-to-date and ensure it is written to the required legal standards. The new laws however also show how vulnerable people still are, for example unmarried couples cohabiting are entitled to nothing from their partner’s estate in the event they die intestate.
Complicated family trees
Many people often find making sense of their complicated family lives a real challenge when creating a Will. Figures from the Office of National Statistics for England and Wales show that 15% of all marriages in 2012 were remarriages for both parties and there were 544,000 stepfamilies with dependent children in 2011. The divorce rate amongst older people is also rising, with nearly 16,000 divorces of over 60s in 2012.
The end of the so-called nuclear family and an acceleration in ‘fragmented families’means the process of making a Will has changed, particularly if you have multiple grandchildren with different parents to consider. With a quarter of Wills having never been updated, you may find your current Will references a previous partner or doesn’t acknowledge your grandchildren or your child’s new partner.
Major life events
When circumstances change, such as a marriage, a property purchase or new grandchildren, it’s understandable that updating your Will may not be at the top of your priority list. Why not pencil in the same time each year to do a quick ‘Will re-fresh’and think about whether there are any new factors that need to be taken into account –remember solicitors will often do minor updates free of charge.
Ultimately, the purpose of a Will is simple. It brings clarity at a time of huge sadness and loss and ensures the final wishes of the deceased are recognised, bringing comfort to their loved ones. Sorting your Will doesn’t have to be as daunting as it might seem at first. In many cases it can be sorted in a straightforward one-hour appointment that can save your relatives a lifetime of pain and difficulty. We’re also happy to conduct Will meetings with a number of family members at one time as many find tackling their Wills collectively reassuring.
myageingparent.com has partnered with Collective Legal Solutions to provide their audience with access to information and advice on legal planning measures that must be considered in later life.
Collective Legal Solutions are a 5 star rated legal services provider (see client reviews on Trustpilot here), specialising in inheritance related matters, such as Wills, Lasting Power of Attorney, Trusts, Asset Protection and Probate.
They provide free home consultations throughout England and Wales and can boast more than 30,000 satisfied clients.
