Thousands of over 50s could have out of date wills
According to research from Saga Legal Solutions, 34% of people have experienced a change in their financial or family circumstances since last updating their will, with one in five becoming grandparents and one in ten moving house.
While solicitors recommend people look over their will every two or three years to check that it is still relevant, Saga found just one in seven (14%) over 50s check their will this regularly and just under half (44%) said they review their will every three to five years.
Worryingly, a third said they have never reviewed their will.
Roger Ramsden, chief executive of Saga Services, said: “Once you have a will you need to review it regularly and ensure you update it when your circumstances change. Keeping it up to date is the only way to ensure that your wishes will be carried out after you have gone. It also helps family members when sorting your affairs at such a distressing time.”
The report also highlighted the importance of having the correct type of will depending on the value and complexity of your estate and family relationships.
It found almost half (46%) of over 50s have a single will, 31% have a mirror will and 13% have a will with trust.
One in 10 did not know what sort of will they have.
Meanwhile, Priti Shah, partner of OGR Stock Denton Solicitors, added that continuous changes in tax laws could affect your will.
She said: “You should regularly review your will, especially when your personal or financial circumstances alter. This becomes increasingly relevant as you get older when estate planning and care home fees become more of a concern.”