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Read more articles in: Blog, Lauren Richardson-Kellam, Private Client
As you know, Wills are a very important aspect of estate planning as they clarify your wishes and what your beneficiaries will receive from your estate.
However, a recent survey by the charity Will Aid highlighted some worrying trends and also spotlighted how people’s perceptions towards Will writing.
In the survey of 2,000 people, 56 per cent had never written a Will before, and 34 per cent of individuals confirmed they were unlikely to write or update their Will in the next 12 months.
It’s essential you have a Will in place or update an existing one. Family dynamics can change very quickly because of things such as births, marriages, divorces and deaths.
An outdated Will may not take those factors into account, meaning not all or the wrong beneficiaries are included within your estate.
The survey gave a good indication as to how people feel about Will writing. Yes, it highlighted the percentage of people who didn’t have a Will.
However, it also gave insight as to the challenges people face and why they may be apprehensive about writing or updating a Will.
The biggest reason was a lack of education, with 26 per cent saying they didn’t understand how it works and thought the Wills process was complex.
While 20 per cent were concerned with the costs of Will writing and estate planning. As well as cost concerns, the survey also highlighted time challenges with 20 per cent saying they hadn’t found the time to write a Will.
In addition to this, the survey also highlighted the emotional aspect of writing a Will, with 17 per cent keen not to think ahead about their own death.
An alarming statistic from the survey was that 45 per cent had not updated their Will in more than four years, with 20 per cent saying they had never updated their Will.
Many will argue that they haven’t needed to because nothing in their life has massively changed. However, you should be updating your Will on a regular basis to ensure it reflects your current family dynamic and includes all gifts and assets.
It’s important to remember that Wills are legally binding, whatever you include, whether it’s in or out of date, the Will is must be carried out by your executors.
More importantly, a Will takes pressure and burden off your family, as without a Will, they will need to try to sort your estate while also grieving your loss.
As noted above, it’s always wise to update your Will if your family dynamic changes, but you should also be looking at any regulatory changes from the Government as these could impact the value of your estate.
IHT has proven a popular avenue for the Government as they attempt to balance their books with changes to include unused pension pots as part of an individual’s estate from 2027 and the nil-rate band remaining frozen until 2030.
You must update your Will to reflect these changes, as leaving it untouched could see your estate become liable for an unwanted IHT bill, which means your beneficiaries’ inheritance reduces in value.
It’s essential you have a will in place and update it accordingly. It can be a complex process, but speaking with legal experts will help you combat those challenges.
They can answer all your questions, help you understand what a Will is and how it works.
They will offer tailored advice to ensure you create a Will that reflects your wishes.
Wills are so important, and if you don’t have one or your existing one is outdated, it will pose long-term problems for your family.
Put a Will in place. Contact us to start writing or updating your Will.
Paralegal – Wills and Powers of Attorney
My legal career started in 2011 as a legal secretary. Over the years I have gained a great deal of insight in many areas of law, especially in relation to Private Client work.
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