Half of Wills in England and Wales are out of date

Research commissioned by Solicitors for the Elderly (SFE) has revealed that almost half (48%) of people living in England and Wales who have a Will have not updated it for more than five years, meaning nearly half of Wills are likely to be out-of-date. Of those, almost a third (33%) have not updated it for over 7 years, and over a fifth (21%) have not dusted it off in more than a decade.

Having an up-to-date and well-drafted Will is crucial in ensuring your wishes are carried out in the way you would like when you die.

This year, SFE, a membership body representing over 1,600 solicitors specialising in working with older and vulnerable people, has launched “Update Your Will Week” (28^th March – 3^rd April) in a bid to raise awareness of the importance of updating your Will regularly.

As a specialist Wills solicitor and accredited SFE member, I recommend that a Will be reviewed and updated every five years, or when a major change in your life occurs that impacts you or your loved ones, such as divorce, marriage, a new birth or even a death in the family. SFE’s research has revealed that almost a third (33%) of people with a Will have had significant changes to their lives and circumstances since they drafted it.

An unchecked and outdated Will could have severe implications for your loved ones after death – including missed inheritances and a higher Inheritance Tax bill. Many people assume that once you have drafted a Will, you never have to review it and that your wishes will be carried out as you wish them to be posthumously – but unfortunately, that is far from true.

For example, if you marry, your Will is automatically revoked. Or if you marry into a family and have stepchildren that you would like to inherit your assets – this will not happen automatically unless you stipulate it in a new Will. All these details are crucial to avoid family disputes – which we know can be very distressing for your loved ones.

In fact, SFE’s research revealed that:

• Only 16% of people realise that remarrying invalidates a Will.
• Less than a third (31%) of people realise stepchildren will not be included in your Will unless you stipulate that separately.
• 17% of people wrongly think you can update your Will by making changes on the original document and initialling them.

The findings have also revealed that 53% of people do not have a Will at all – a worryingly high figure. One in ten British families (11%) have been caught out by a ‘bad Will’ – a Will that is out of date or poorly drafted – for example missing out on an inheritance or their childhood home being sold without their knowledge.

Of course, it’s great to see that many people have made a Will – but we need to see a much higher Will uptake, and for those that have a Will in place, it’s paramount that they keep it under regular review. I would strongly recommend that people look for their local SFE accredited solicitor.