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Brits routinely fail to update wills following major life changes

Lucinda Beeman
Written By:
Lucinda Beeman
Posted:
Updated:
08/07/2014

Almost a third of British adults neglect to revise their will following major life events such as marriage and divorce.

It would be sage advice for Kim Kardashian (pictured) who is now on her third husband.

According to a new study by Investec Wealth & Investment, many wills are written and then promptly forgotten, with a third last reviewed over six years ago and 10 per cent over 20 years ago.

Well over three quarters of married people (81 per cent) did not know that their existing will was revoked when they married, leaving any prior arrangements invalid. Two thirds wrongly believed that they were automatically covered by their partner’s will, when in fact the money is split between multiple parties under the rules of intestacy.

Nick Gartland, senior financial planning director at Investec Wealth & Investment, said: “Wills are particularly important for people who have gone through major life events such as getting married, having kids, separating or divorcing. For example, if you’re separated but not yet divorced, your former spouse or civil partner will get everything if that is what your will says.”

Gartland also pointed out that unmarried partners with children from previous relationships are effectively shut out of their other half’s will, as any assets will automatically go to the children.

He said: “This may seem good on the face of it, but could cause real problems between your children and your new partner.”

While an out-of-date will is hardly ideal, according to Investec nearly two thirds of British adults don’t have any will in place at all. One in five never plan to write one.

Catriona Syed, partner at Charles Russell LLP, said: “I am not surprised that the number of people who do not have wills is so high, as we all put off doing things which are difficult. We are always surprised at the misconceptions there are about what happens if someone does not make a will.”