What is a Will?
It’s a legally valid document in which a person sets out their wishes as to what will happen with their money, property and possessions (estate) after their death.
What happens if I don’t have a Will?
Having no Will or an invalid Will risks a potential conflict between family members, individuals being disinherited and soaring legal costs in trying to resolve potential disputes, but more importantly further heartache for your loved ones.
Writing and Updating a Will
Despite the importance of keeping a Will up to date, a recent survey by Will Aid questioned 2,000 people and found that 56% of people have never written a Will, and among those who have, many are relying on outdated documents. One in ten people admitted their Will no longer reflects their current wishes, while 45% said they haven’t updated it in over four years and one in five have not revised their Will since they first made it. Worryingly, more than a third (34%) said they are unlikely to update their will within the next 12 months, leaving a significant number of people at risk of having their true intentions overlooked when it matters most.
Why aren’t People Writing a Will?
The survey also revealed several key reasons why many people put off making a Will. More than a quarter (26%) admitted they didn’t understand how Wills work or found the process too complex, while one in five (20%) said the perceived cost was a major barrier. Another 20% simply hadn’t managed to find the time to get around to it, and 17% acknowledged that they felt uncomfortable confronting the subject of death.
These findings highlight that a mix of practical, financial, and emotional factors often stand in the way of people taking this important step in planning for the future.
At Oliver & Co we are passionate about making sure people have plans in place and our expert team is here to help you and make sure that your you don’t get overwhelmed whilst ensuring all your needs and wishes are met.
Hear Wills & Probate Solicitor, Clare Shields on the Radio
Clare Shield, a solicitor in our Wills and Probate team, recently spoke on Dee Radio’s Legal hour, explaining what a Wil is and what happens if you don’t have one. She also spoke about the ins and outs of probate, why it’s needed, how long it takes, who can apply, and more. If you want to learn more about Wills and Probate you can listen to Clare here!
Do you Need to Write or Update Your Will?
If you’ve been meaning to put your Will in place or its been a while since you updated your Will, get in touch, we can help! You can call us on 01244 312306, email us on law@oliverandco.co.uk or complete our contact form and we’ll be in touch.
Source: Will Aid
