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Majority fail to update wills leaving inheritance to their an ex
Almost two in three Britons are risking leaving their life assets to their ex’s by failing to update their will after splitting (61%) according to new research from Minster Law Solicitors.
With rising divorce rates threatening to end almost half of marriages in England and Wales*, the research is a wake up call to Britons to keep up-to-date on such important matters.
Worryingly, the research has shown that two thirds of Britons jeopardise leaving their assets completely unaccounted for by not having a will at all (64%) and the further findings suggest that even after large financially altering events, people still don’t update a will.
The research, carried out as part of Minster Law’s ‘Law for Life’ campaign, questioned 2,000 GB adults about their assets and whether they have a will in place for them. It reveals that many people’s worldly possessions could fall into unintended hands or leave headaches for relatives because they have not updated or even made a will.
Further findings: Putting money into bricks and mortar is a big decision, but almost nine in ten people wouldn’t bother to update their will if they bought a new house (89%).
More than four in ten people would not update their will even if they came into a large cash windfall (42%).
Almost four in five Britons would not think to update their will to include their new baby (78%).
Nearly one in ten (8%) said they would simply update their will 5 years on from when they last did so, despite any event that might happen in between.
Matthew Briggs, Chief Executive of Minster Law Solicitors commented: “It may be a subject that many try to avoid and we understand that all too often people simply don’t know where to turn to for help, but making a will and updating it every few years is an important action to consider.
In the long term, keeping your will in order can save your family time, hassle and heartache and ensures that you are the one that chooses those who will benefit from your assets. Minster Law prides themselves on making legal arrangements as straight forward and affordable as possible, giving you legal help as it should be.”