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New research shows that around 47% of people in Epsom may have a will that’s out of date.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An outdated will could cause severe implications for loved ones – including missed inheritances and higher inheritance tax fees.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).
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