New research has revealed that more than half (52%) of UK adults over 30 do not have a will, while a further 13% admit theirs is out of date. Adam Scott, partner at Trethowans, is encouraging people to review their wills to ensure their wishes are properly recorded and their loved ones are protected.
The research, conducted by Censuswide on behalf of The Association of Lifetime Lawyers, also found that nearly one in ten (9%) adults have started but not completed a will, leaving their estate at risk of being distributed according to the intestacy rules. These rules determine how assets are shared, prioritising specific family members regardless of personal relationship, which can lead to unintended consequences and potential disputes.
Adam Scott warns that failing to have an up to date will can create significant issues for families.
Adam says: “Without a valid will, your assets may not go to the people you intended, and your family could face lengthy legal complications during an already difficult time. It could also result in a larger inheritance tax bill.
“Life circumstances change, so it’s important to review and update your will every year or when a significant event, such as marriage, divorce, the birth of a child, or the death of a family member. Keeping your will up to date ensures your estate is distributed according to your wishes and gives you and your family peace of mind.
Seeking advice from an experienced solicitor can help you navigate the complexities of estate planning, minimising inheritance tax where possible.”
Whether you need to create a will, or update an existing will, our team at Trethowans can help. Contact us today on 0800 2800 421.
Disclaimer
This information is intended for general informational purposes only and does not constitute legal advice. We recommend seeking professional advice before taking any action on the information provided. If you would like to discuss your specific circumstances, please feel free to contact us on 0800 2800 421.
