Recent research from Saga Legal Solutions has revealed the startling statistics that over a third of over 50s have experienced a significant life change since drafting their will; but have not reviewed the document to ensure that it reflects any such changes, resulting in out of date wills.
According to Saga, just under half of those interviewed admitted that they only review their will on average every four years, with a staggering third, stating that they had never looked at it again, after having had it drafted.
With marriages, divorces, the birth of new grandchildren and the unstable economic climate all having a dramatic affect on many families, it is vital that everyone with a will should review it every couple of years. To neglect to do so is to run the risk of someone in your family losing out or disappointing someone close to you. Perhaps worse still, your money may go to someone undeserving after your death – all because you didn’t change your will accordingly.
The research also showed that just under half of the over 50s have a single will, just under a third have a mirror will and around 13% have a will in trust. One in ten respondents had no idea what sort of will had been prepared for them.