Is your Will up to date? There may be consequences if not…
A recent article by Emma Aslett on updating the Wills: When Penn Chambers prepare a Will on your behalf, we set reminders to contact you once a year to check in to see whether there have been any changes in your life and that your Will is still in accordance with your instructions.
If it still works? Perfect!
If it does not, let’s look at how we can get the Will up to date.
SFE undertook research which revealed that 47% of those in Britain who already have a Will, have not updated it in more than 5 years. This means that those Wills are likely to be out of date. A lot can happen in a year (Covid?!), let alone 5 years!
Another scary fact? 21% have not updated their Will in over 10 years…
It is not only so important to have a Will prepared and in place, but also to ensure that your existing Will is up to date and correct.
Since you last prepared your Will, there may have been changes to your life, such as remarriage (which invalidates your Will in any event), divorce, separation, loved ones passing away or the birth of new family members.
Living with a new partner or the birth of a new family member, for example, does not guarantee them to receive anything from your estate (a couple living together without marriage or a civil partnership will not inherit each other’s assets).
It is just as important to make sure your current Will is well-drafted as ensure that your wishes are set out within the Will correctly.
Continue reading it HERE.