Making changes
Nearly half of people aged over 50 change their will multiple times, a survey has found.
Research by YouGov, commissioned by law firm Winckworth Sherwood and reported in Today’s Wills & Probate, found that the action was prompted by life events or changes in personal circumstances.
The arrival of children or grandchildren, divorce or separation, or a sudden death in the family prompted 44 per cent of people to want to change their wills.
At Maplebrook Wills, we’ve encountered many other reasons why people choose to change their wills. They include:
- Family estrangement
- Retirement
- Sudden illness
- Moving house
- Financial windfall
- Wanting to help a charity
- Extra support for a particular family member
- Provision for a disabled child
Other reasons for making a change might be to alter funeral wishes, make gifts of valuable personal items, or naming new executors – the people responsible for administering the estate.
Even if you don’t experience a major change in your circumstances, it’s worth reviewing the contents of your will every few years – and more frequently as you get older.
Not everyone in this age group has a will, the YouGov study revealed. Some 26 per cent of people aged over 50 don’t have one.
If there’s no will in place, the rules of intestacy determine who benefits from an estate. If there’s no surviving spouse or civil partner, it could end up going to the Crown.
Some changes to a will are inevitable, but with prudent estate planning it may be possible to eliminate the need for others.
That’s where Maplebrook Wills comes in. Our legacy planners discuss your circumstances in the comfort of your own home, helping you plan for the future.