Nearly half of UK adults do not have a will in place, and many who believe they are covered may not realise theirs is invalid, according to research from Charles Stanley.
The findings reveal that 46% of people have not made a will. Among those who have, 9% have married or remarried since last updating it, rendering their will legally void. This leaves their financial wishes compromised and dependents at risk.
Overall, 59% of respondents had experienced a significant life event since last updating their will. These include 17% who bought a property, 15% who had children, and 12% who received an inheritance.
Other events included changing jobs, moving house, being diagnosed with a serious medical condition, and experiencing the death of a partner.
Lisa Caplan, director of CSD advice and guidance at Charles Stanley, part of Raymond James Wealth Management, said: Having a will in place is an absolutely critical piece of inheritance planning. It helps your executors carry out your wishes and can help stop any arguments within the family and other beneficiaries once you are no longer around.
“Of equal importance though is making sure that your will is up to date. This is particularly important if you are getting married, or divorced and remarried, a new marriage renders all previous wills void unless explicitly made in expectation of marriage to a named person. You would be considered to have died intestate, or without a valid will, and your estate would be distributed according to the Rules of Intestacy, which may not reflect your wishes. If you are in a domestic partnership that is not legally recognised, such as marriage or civil partnership, your partner could get nothing at all if you do not have a valid will.
“It’s generally good practice to review and update your will if needed every 5 years or so or whenever your personal or financial circumstances change. This ensures it remains up to date with legal changes and accurately reflects your latest wishes. Life changes all the time, and it’s important that your will changes with it.”
