Research conducted by will registration service provider, Wills & Assets, suggests that if wills aren’t kept up to date, it could cost beneficiaries tens of thousands of pounds in lost assets.
According to this recent study, around 175,000 people in Britain experience trouble when acquiring inheritance, as a direct result of a will being out of date. Wills and probate experts are highlighting these findings as a clear reason why wills must be amended frequently.
These figures also show that half of British adults actually have no will at all. This is being deemed a wakeup call for wills and probate professionals to promote their services amongst the local community and offer insightful advice on why will writing is such an important part of life.
Many probate cases are not straightforward and people are failing to realise that costs soon add up. If beneficiaries inherit debts, need to access bank accounts and trusts, and incur inheritance tax, the costs of acquiring assets increase rapidly. This will be on top of any legal and professional services required that are imperative to ensuring the process is completed accurately and securely.
When a will clearly sets out who will be involved in the inheritance process, such as who will be allowed to gain access to the estate and any beneficiaries of specific assets, this will allow the process to run much smoother and help reduce any litigious probate complications.
It is the responsibility of will writing professionals to ensure clients consider the burdens that may be passed on and think about reducing costs incurred, to allow their loved ones to receive as much of their inheritance as possible. With strategic planning, the simple process of keeping a will up to date and accurate is an effective way of helping both clients and beneficiaries, and shouldn’t be seen as an inconvenience.
The benefits of updating a will on a regular basis, as well as when family circumstances change, are said to far outweigh the financial and emotional cost of not having a will at all. Part of your service plan to clients could include a routine “check-up” at least every 5 years that allows them to inform you of any changes and discuss additional factors that need to be drafted in.
How do you ensure your will writing clients are updating their wills? Are there any best practices you impose that work in the best interest of your clients to give them the knowledge they need to create an effective will?
