Nearly half of Brits admit to not having a will in place, but there is also an alarming number of people who don’t realise their will is invalid, according to experts. Research from Charles Stanley found one in ten people who say they have a will in place have got married or re-married since they last updated it, making their last will null and void. This not only compromises their financial wishes, but also puts dependents and loved ones at risk.
Making sure your will is up to date – particularly after life milestones such as marriage, having children, or following a divorce – ensures your wishes are still in line with what you want and that you continue to have some control over what happens with your property, financial assets, and belongings after you pass away.
In total, Charles Stanley found that 59% of people have had a significant life event happen since last updating their will:
- 17% have bought a property since they last updated their will
- 15% have had children
Lisa Caplan, Director of CSD Advice and Guidance at Charles Stanley, said: « Having a will in place is an absolutely critical piece of inheritance planning. It helps your executors carry out your wishes and can help stop any arguments within the family and other beneficiaries once you are no longer around.
« Of equal importance though is making sure that your will is up to date. This is particularly important if you are getting married, or divorced and remarried, a new marriage renders all previous wills void unless explicitly made in expectation of marriage to a named person. You would be considered to have died intestate, or without a valid will, and your estate would be distributed according to the Rules of Intestacy, which may not reflect your wishes. If you are in a domestic partnership that is not legally recognised, such as marriage or civil partnership, your partner could get nothing at all if you do not have a valid will.
« It’s generally good practice to review and update your will if needed every 5 years or so or whenever your personal or financial circumstances change. This ensures it remains up to date with legal changes and accurately reflects your latest wishes. Life changes all the time, and it’s important that your will changes with it. »
