Millions take a risk with out of date wills

Latest research by the Law Society has revealed that 84% of 25 – 34 year olds do not have an up to date will.

Research conducted by GFK on behalf of the Law Society shows that thousands of people risk leaving loved ones with nothing after their death because they do not know the contents of their own will, warns the Law Society.

Changing circumstances are not always reflected in a person’s will, meaning that parts of the deceased’s estate will not be passed onto family and friends, says the Law Society.

Andrew Holroyd says: “Many people in that age bracket are likely to have bought a home in the last few years. That is a large asset that should be accounted for in the will, the research, however, would suggest this is not being done.”

The research also revealed that 22 per cent of respondents over 65 did not know if they had an up to date will, while worryingly 42 per cent of those widowed, divorced or separated did not know if they had an in-date will. Regional breakdowns below.

The Law Society points out that a number of circumstances could require a change being made to an existing will, including:

• Divorce or separation
• Selling of an asset, such as property
• Purchasing a large asset, such as a second home
• Having children
• Debt
• Starting a business

Andrew Holroyd says: “When circumstances change, you should contact your solicitor to see if you need to review your will. When someone is in the process of a major life changing event, such as moving into a new home, or getting married, often the last thing on their mind is their will. However, it should be a high priority. Do not let it gather dust.”

Regional breakdowns of respondents in GFK research conducted on behalf of the Law Society of England and Wales:

Respondents were asked: Can you tell if you have an up to date will or not?

64 per cent answered No in the NORTH

50 per cent answered No in the NORTH WEST

59 per cent answered No in YORKSHIRE AND HUMBERSIDE

68 per cent answered No in the EAST MIDLANDS

63 per cent answered No in WALES

48 per cent answered No in ANGLIA

58 per cent answered No in the WEST MIDLANDS

44 per cent answered No in the SOUTH WEST

69 per cent answered No in LONDON

51 per cent answered No in the SOUTH EAST

For more information about wills visit the Law Society’s useful guide on making a will at http://www.lawsociety.org.uk/choosingandusing/commonlegalproblems/makingawill.page

or contact Caroline Bates, Head of Private Client at Newsome Vaughan LLP and her team of specialised practitioners on 024 7623 4259; email carolineb@n-v.co.uk