Millions face out of date wills shock

WillsDisputes over wills could soar according to research from Saga Legal Solutions. A third of over 50’s say their financial or family circumstances have changed significantly since they last updated their will.

One in five (17%) have become grandparents and one in ten have moved house without updating their wills, which can set families at war.

Similarly, if a person’s will contains gifts then they may become disproportionate if their circumstances change and their will is not updated.

For example if someone decides to leave their property to their children and the small amount of cash they have to a charity. If these people in later life decide to downsize, exchanging the large family home for a small purpose built flat, leaving residuary cash of £500,000 and do not update their will, then they could end up with the children only receiving the small flat with the £500,000 plus cash held going to the charity.

Also, the law is constantly evolving, therefore it is wise to check that your will is still valid in this regard. Solicitors recommend people look over their will every two or three years to check that it is relevant for their circumstances. However just one in seven (14%) over 50’s check their will this regularly.

If you would like further information on setting up a Will or would like to update your existing Will, please do not hesitate to contact us you can call us on 01489 580020 or email us at info@parkgate.net alternatively you can complete the enquiry form on the Contact us page.

 

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