The latest survey from the charity Will Aid found almost six out of 10 people have never written a Will.
One in 10 of those who have a Will say it no longer reflects their wishes.
What the Will Aid survey revealed
2,000 people across the UK took part in the survey. It found around a third were unlikely to write or update their Will in the next year.
Almost half of people who do have a Will said they hadn’t updated it in over four years. One in five said they’d never updated their Will.
If you die without a valid Will, the rules of intestacy apply. This can mean people you would like to inherit your estate won’t benefit. Uncertainty about your wishes can delay the probate process, adding an extra burden for your loved ones.
Why don’t people update their Wills?
The survey found that many people thought writing a Will was complicated, expensive or time-consuming. Not surprisingly, many people don’t like to think about their death at all.
In fact, a lot of people think Wills are only for older people, but it’s important to have a Will if you own any assets. Although many people don’t think they own enough to make a Will worthwhile, it’s an important step. For example, you can include sentimental items, your bank account, your car, furniture, clothes and pets.
Even if you want your estate to go equally to your children, a valid Will can make sure there aren’t any disputes. If you have young children, you can make provisions for their care and education until they become adults.
Having a valid Will is important if you live with a partner but aren’t married or in a civil partnership. Otherwise, your partner might not receive anything from your estate, leaving them and any children homeless and without money.
What is Will Aid?
In November each year participating Will writers offer basic Wills for free in exchange for Donations to Will Aid. This helps to support the work of UK charities:
Age UK
Christian Aid
NSPCC
British Red Cross
SCIAF (Scotland)
Trócaire (Northern Ireland)
Shelter
Crisis.
Suggested donations are £120 for a single Will and £200 for mirror Wills. There are, however, charges for any additional services and advice.
How often should I update my Will?
It’s surprising how much can change in a short time. It’s a good idea to review your Will every three to five years, to make sure it still reflects your wishes. Importantly, you will know where it is, and that it’s still legible.
You should also check that your Executors and guardians for your children remain happy to take on the roles. Their lives may have changed too. You should also check details like their name and address.
You may wish to remove beneficiaries who have died themselves. Alternatively, you might want to include new people in your Will.
If you plan to get married, you will need to write a new Will. This might include new or expected children in the family. You might even want to add new pets.
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