Gumersalls News

Gumersalls News

Why it is vital to keep your will up-to-date

by | May 20, 2022 | News | 0 comments

New research shows that around 47% of people in Epsom may have a will that’s out of date.

It’s really important your will is reviewed every five years or so, or when a major change in your life takes place – like a divorce, marriage, a birth or death in the family.

The research reveals that while 46% of people haven’t checked their will for more than the recommended five years, 33% haven’t looked at it for more than 7 years and for 24% it’s been more than a decade.

Many people assume that once you’ve drafted a will you don’t need to review it, and that your wishes will be carried out when you die – but that’s not always true.

If you remarry, for example, your will gets revoked. Or if you marry into a family and have stepchildren that you’d like to inherit your assets, this won’t happen automatically unless you stipulate it in a new will. All these details are crucial to avoid family disputes – which can be very distressing.

An outdated will could cause severe implications for loved ones – including missed inheritances and higher inheritance tax fees.

Reviewing your will doesn’t need to take long and might save a great deal of time and cost in the long run.

Tom Edwards
Partner at Gumersalls Solicitors in Epsom and accredited member of SFE (Solicitors for the Elderly).
www.gumersalls.co.uk
01372 721 122