Latest Report Claims Half of Us Don’t Have a Valid Will
With news this week that over 50% of the UK population does not have a valid will in place, we’re urging residents of to ensure that their affairs are fully in order.
It’s a worrying statistic that so many people are putting their assets, and loved ones, at risk simply from not having a valid will drawn up. Where a person dies and they have no will, or where their will is invalid, it’s the legal system which decides who should inherit their assets, and not the individual’s closest family members as many believe. This means that those who the individual intended to benefit from their death could ultimately be at very real risk of losing out.
Having an up-to-date will is always important to ensure that an individual’s final wishes are satisfied, but it is particularly vital for those who aren’t married or in a civil partnership, and of course where children are concerned. Any surviving partner who isn’t legally joined to the deceased has no automatic right to inherit, and neither too do dependent children.
The figures coincide with an announcement by the Law Commission that from next month they are going to be undertaking a comprehensive three year review of the law relating to wills to take account of recent changes and advancements in social norms, technology and medicine.
The reforms will aim to reduce the number of wills being challenged and make it easier to rectify mistakes after a person’s death. They will also address the formalities required for a valid will, and the matter of mutual wills, with full recommendations expected in 2019.