Unbiased reveals a third (33%) of people who currently have a will, have not updated it in the past year. 15% have not updated in the last 10 years and only one in five (18%) updated theirs in the past five to ten years.
Personal finances can change dramatically over a period of ten years so it is important that people make sure their will is up to date to ensure that their personal wealth is left exactly as they wish at the time they pass away. Worryingly 10% have undergone a relationship change, such as a divorce or getting re-married, in the past 10 years and have not updated their will to reflect this.
A person’s immediate family could also not get what they are entitled to if the will doesn’t take all assets into account. Over a third (23%) of those who haven’t updated their will in the past 10 years admit that they have either bought or sold a house during this time, meaning that their will does not take into account their correct property ownership.
Nearly a third (31%) of those who haven’t updated their will in the last ten years also say that they have started a new savings account or made a significant addition to one, and 8% say they have made a major investment so these assets may not be taken into account in their will.
Also research has shown that 57% of the population (28 million adults) currently do not have a will at all, leaving no guarantee their assets will be passed on to whomever they wish and running the risk of their family having to pay thousands of pounds in inheritance tax. More shockingly, two thirds (65%) of those with children under 18 have not written a will, meaning that they are running the risk of leaving their children without an inheritance.
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