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Home  »News  »Finance News

Many will-holders not updating their wills

03/11/2009

A third of people who possess a will have not updated it in the past five years, according to unbiased.co.uk. The company, which also found a further 15 per cent had not had them updated in the last ten years and over half of the population has not made a will, say that this could lead to problems for inheritors in the future. Brian McMillan, director general of the Society of Will Writers, said that revising a will is very important. He also believed that will-holders should look over their wills whenever a life-changing event, such as a marriage or moving house, occurs. He pointed out, for example, that in England and Wales, a marriage automatically revokes a will, meaning that if a person had children from a previous relationship, it is possible that they will be left out of the estate, because of the remarriage. "We're still looking at a situation in this country where 70 per cent of the population are going to die in some form intestate," Mr McMillan added. In October, the Law Society pointed out that badly drafted wills render the deceased's estate wholly or partially intestate. Posted by Carla Spuri. Get your free equity release guide and find out how you can get some additional income

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