The research, conducted by Censuswide on behalf of The Association of Lifetime Lawyers, also found that nearly one in ten (9%) UK adults have started making a Will but haven’t completed it, leaving their estate and loved ones at risk.
Without an up-to-date Will in place, your estate will be distributed according to intestacy rules. These rules prioritise specific family members regardless of your personal relationship or intentions. This could lead to unintended consequences and potential disputes among loved ones.
The Association of Lifetime Lawyers represents a community of the most qualified legal professionals in the UK supporting people making key decisions about their life.
Gemma is a Director of The Association of Lifetime Lawyers and warns that failing to have an up-to-date Will can have serious consequences for your loved ones.
She says: “Without a valid Will, your assets may not go to the people you intended, and your family could face lengthy legal battles and additional emotional distress, during an already difficult time. It could also mean your loved ones face a higher inheritance tax bill.
“Life changes quickly, so it’s best practice to review and update your Will every five years or when a major change in your life occurs that impacts you or your loved ones. This includes marriage or civil partnership, divorce or dissolution of a civil partnership, the birth of a child, the death of a family member, or if you or one of your beneficiaries has obtained a Gender Recognition Certificate.
“Updating your Will ensures your estate is distributed according to your wishes and provides peace of mind for you and your loved ones. Seeking advice from an experienced legal professional is best, as they can advise on your unique situation and help minimise inheritance tax where possible.”
If you’re unsure where to start when it comes to writing your Will, get expert advice from The Association of Lifetime Lawyers on its website: lifetimelawyers.org.uk