Where there’s a will, there’s a way: One in ten consumers with a will unaware it’s invalid

Nearly half (46%) of Brits admit to not having a will in place, but there is also an alarming number of people who don’t realise their will is invalid.

Research from Charles Stanley found one in ten (9%) consumers who say they have a will in place have got married or re-married since they last updated it, making their last will null and void. This not only compromises their financial wishes, but also puts dependents and loved ones at risk.

Making sure your will is up to date – particularly after life milestones such as marriage, having children, or following a divorce – ensures your wishes are still in line with what you want and that you continue to have some control over what happens with your property, financial assets, and belongings after you pass away.

In total, Charles Stanley found that 59% of consumers have had a significant life event happen since last updating their will:

• 17% have bought a property since they last updated their will
• 15% have had children
• 14% have moved house
• 12% received an inheritance
• 11% got a new job
• 7% have won a significant amount of money
• 6% have been diagnosed with a serious medical condition
• 5% have had grandchildren
• 5% say their spouse/ partner has passed away since last updating their will
• 4% have moved to live in a new country
• 3% have got divorced

Lisa Caplan, Director of CSD Advice and Guidance at Charles Stanley, part of Raymond James Wealth Management, comments: “Having a will in place is an absolutely critical piece of inheritance planning. It helps your executors carry out your wishes and can help stop any arguments within the family and other beneficiaries once you are no longer around.

“Of equal importance though is making sure that your will is up to date. This is particularly important if you are getting married, or divorced and remarried, a new marriage renders all previous wills void unless explicitly made in expectation of marriage to a named person. You would be considered to have died intestate, or without a valid will, and your estate would be distributed according to the Rules of Intestacy, which may not reflect your wishes. If you are in a domestic partnership that is not legally recognised, such as marriage or civil partnership, your partner could get nothing at all if you do not have a valid will.

“It’s generally good practice to review and update your will if needed every 5 years or so or whenever your personal or financial circumstances change. This ensures it remains up to date with legal changes and accurately reflects your latest wishes. Life changes all the time, and it’s important that your will changes with it.”