44 per cent of over 50’s review their Wills multiple times

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A YouGov survey has revealed that 44 per cent of over-50s have changed their Will several times due to the complexities of modern family relationships.

Law experts conducted a study and found, that people typically changed their Will because of either specific life events or sudden changes in life circumstances.

Examples of life events which spurred people to think about making changes to their Wills include the arrival of children and the death of a parent or divorce.

Due to Brits not communicating about death, will and probate experts, had incited a #LetsStartTalking campaign after findings revealed nearly a quarter (24 per cent) of UK citizens avoid talking about death even though the passing of a loved one can have a huge impact, both financially and emotionally.

The results revealed 26 per cent of over 50s have not written a Will at all, which leaves their assets to pass under the intestacy rules. In these circumstances, this can lead to claims going to court or even worse, assets being left to the State.

Law experts have said: “There’s a long-standing taboo around the subject of death, and many prefer to ignore the subject entirely. What this shows is that of those who have grasped the nettle, and begun to plan for that inevitable day, are also keeping an eye on the arrangements that they have put in place.

“There is no one size fits all solution to a Will, and if you have one, it is really important to review it from time to time to make sure it still reflects your wishes. Just as many problems can arise from an out of date Will as can occur without a Will at all.”

Richard Denton, Managing Partner and Head of Private Client services at OGR Stock Denton, said: “It is possible your personal circumstances have changed in the time since you first set your affairs in order. It is therefore important that any significant changes are taken into consideration and reflected accordingly.

“A marriage/civil partnership, divorce, birth of a child, changes in your financial position, moving to a new home or overseas or even the death, or incapacity, of someone named in your will are some of the most common reasons that should prompt a review and updating of a Will.  The changes in IHT and tax legislation should also prompt a review of one’s arrangements.”

Mr Denton added: “Making sure that your Will is fully up-to-date is very important if you want to minimise the danger of a misunderstanding or dispute arising after you have passed away. It also ensures assets are passed in accordance with their wishes.”

At OGR Stock Denton, our experienced private client team can provide advice on structuring your Will in the most tax efficient and clear way.

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Ali Kabani
Posted in Blog.