Friday, August 29th, 2008
Four out of five people aged between 25 to 34 do not have an up-to-date will, according to research carried out for the Law Society.
One in five questioned who were over the age of 65 didn’t know whether they had an up-to-date will and two out of five people who were widowed, divorced or separated were equally unsure about whether their will was current and appropriate for their circumstances.
The Law Society points out that there are numerous reasons why someone might want to change or update their existing will. These include divorce or separation, buying or selling an asset such as a property, having children or starting a business.
Of course, millions of people never make a will at all and of those who do, many use DIY kits from local shops or hire unqualified people to help them.
Unfortunately, if you do not have a properly drawn up will you run the risk of creating a great deal of stress and heartache for you family, some of whom may not inherit your estate in the way that you would have wanted.
Many people believe that if they die without making a will then all of their estate will simply pass on to their spouse. This is not true. If you are married but have no children then only the first £200,000 together with any personal possessions and half of what is left of the rest of the estate will automatically pass to the widow or widower. The rest will pass to the deceased spouse’s parents or if they are no longer alive then to brothers and sisters. If there are no siblings then the remainder will pass to nephews and nieces.
If you are married with children then the surviving spouse inherits only the first £125,000 of the estate and rest will eventually pass on to your children. The rules for the division of the estate in these circumstances are quite complicated so please contact us if you would like more detailed information to suit your individual needs.
The President of the Law Society, Andrew Holroyd, said: “When circumstances change, you should contact your solicitor to see if you need to review your will. When someone is in the process of a major life-changing event such as moving into a new home or getting married, often the last thing on their mind is their will. However, it should be a high priority. Do not let it gather dust.”
The last few years have seen a rise in the number of people challenging wills because they feel they have not been provided for in the way they expected. This can result in conflict between family members causing lifelong rifts.
Most of these problems can be avoided if you make sure your will is properly drawn up and then kept up to date to reflect your changing circumstances.
We offer an expert Will writing service for simple inexpensive Wills right through to specialist tax planning wills. Contact us now for a more information or a fixed price quote.
© Copyright 2008 Burt Brill and Cardens Solicitors