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Willwriting Statistics revealed

Internet advice c o m p a n y unbiased.co.uk have recently carried out a survey into wills and the process of regularly reviewing and updating them in line with a client’s changing circumstances. The study, which was conducted by internet poll of 2005 people, reveals a third of people who currently have a will, have not updated it in the past year. 15% have not updated in the last 10 years and only one in five (18%) updated theirs in the past five to ten years. A press release by the company stresses that personal finances can change dramatically over a period of ten years and that it is important that people make sure their will is up to date to ensure that their personal wealth is left exactly as they wish at the time they pass away. Worryingly 10% have undergone a relationship change, such as a divorce or getting re-married, in the past 10 years and have not updated their will to reflect this. Over a third of those who haven’t updated their will in the past 10 years admit that they have either bought or sold a house during this time, meaning that their will does not take into account their correct property ownership. Nearly a third (31%) of those who haven’t updated their will in the last ten years also say that they have started a new savings account or made a significant addition to one, and 8% say they have made a major assets may not be taken into account in their will. Also unbiased.co.uk research has shown that 57% of the population (28 million adults) currently still do not have a will at all, leaving no guarantee their assets will be passed on to who they wish to inherit and without any inheritance tax mitigation or professional advice. More shockingly, two thirds (65%) of those with children under 18 have not written a will, meaning that they have not appointed guardians or ensured their children’s inheritance is secured. Karen Barrett, Chief Executive stated “These figures highlight the need for people to re-visit their will and update it each time a major financial or personal change happens in their lives. Only then will they have the peace of mind that their wealth will go to whom they want and all of their assets will be allocated as they wish. However, with over two fifths of people over the age of 50 not having a will in place at all, it is clear that many are leaving it too late. Failing to update your will can cause as many problems as not having a will at all, so people need to take action to ensure they have an up to date will just in case the worst should happen.” Hopefully the release of these shocking statistics will prompt more people to take action to write or update their Wills and ensure that their estates are distributed in accordance with their wishes rather than leaving it to the intestacy rules or an outdated document. (Statistics and information obtained from unbiased.co.uk) investment so these

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