This week (23rd – 29th January) is Update Your Will Week, an awareness campaign hosted by Solicitors For The Elderly (SFE) to encourage more people to update their will and ensure their wishes are carried out when they die. This helps minimise disputes – easing distress (and costs) for your loved ones. SFE are a membership body of over 1,700 UK solicitors specialised in advising people planning for the future,
New research commissioned by SFE revealed only 56% of UK adults have updated their will within the last five years, meaning around a half of wills are out of date. It also showed that half of UK adults have experienced a life changing event, such as getting married, divorced, or having a child, since last updating their will.
In addition, the research revealed that almost three quarters (70%) of parents in the UK have no legal guardian in place to care for their children in the event of their deaths. According to the research, parents are almost completely unaware of the risks of not identifying a legal guardian in a will; this includes the courts or social services deciding what happens to your children.
With only two out of ten parents understanding that social services or the courts can step in to decide what happens to your children if you don’t have a will in place.
Updating Your Will
As a firm, we are keen to raise awareness of the risks involved when a guardian isn’t appointed. Stephen Sampson, Solicitor and Head of our Private Client team is a member of SFE, a national organisation of lawyers specialising in advising people planning for later life. They’ll be able to provide support and guidance as you discuss your unique situation and wishes, they can also help reduce your inheritance tax bill.
SFE lawyers are experts in this area of law and follow a strict code of conduct which has respect and dignity at its heart. Communicating in a clear, straightforward language, they’re trained to make sure you understand the important decisions you’re making.
Stephen Sampson, explains:
“It’s shocking how many parents don’t have a will in place or haven’t appointed a legal guardian for their children. Godparents don’t count as legal guardians, so to avoid the risk of the courts deciding what happens to your children, you really should make a will and update it every five years.
“It’s crucial to keep your will up to date and take legal advice when life-changing events happen, like getting re-married or having children. Our research shows that four in ten wills in the South East are out of date, and many people don’t have one in the first place.”
Monan Gozzett LLP recommend that you review your Will annually, and contact a Solicitor if you have any concerns or require clarity of any of the contents. However, when a major change occurs that impacts you or your loved ones, such as divorce, marriage a new birth or even death in the family, do not wait to review your Will and ensure you consult a Solicitor to discuss the effects these changes may have.
Having an up to date, well drafted will is crucial in ensuring your wishes are carried out in the way you’d like when you die.
If you would like to speak to our expert legal team about this, or any related subject then please contact our team by phone on 0207 936 6329, Email or by completing our Quick Contact Form below.