Do your clients know when they should update their will?
A recent survey has revealed that over half of people have not updated their will.
The online poll conducted by firm Taylor & Emmet indicated that whilst people had started the recognise the importance of consolidating their final wishes, they were unaware of the need to review them.
Whilst writing a will is important, the need for clients to review and update them regularly should not be overlooked, particularly after a significant change in circumstance. The results of the poll suggest that many people are unaware of the need to check their will, not to mention the impact which legislative and familial changes can have on the distribution of their estate.
Commenting on the outcome of the poll was Natalie Sheldon. The solicitor from Taylor & Emmet highlighted the impact of circumstantial change on wills, particularly in regard to marriage.
“Marriage is big one. There are a lot of couples out there that made a will together before they married, perhaps when they bought a house together, or had kids, and they don’t realise that getting married automatically invalidates any existing wills.”
Also commenting from the firm was trust and estate practitioner Ben Brown. He drew attention to the effects of regulatory change, as well as an increase in the estate’s value.
“As estates fluctuate in value, people need to make sure their will is consistent with their finances. As wealth increases, so does the impact of inheritance tax, which means careful planning is needed to take advantage of available exemptions and allowances.”