Lonsdale’s Barnet IFA’s recommend you regularly update your will
Why you should have an up-to-date will?
Over 50% of the adult population of the UK have not made a will, (source: Will Aid). It is not clear if this is because it is easier not do something rather than do something, or if it is driven by an inherent fear of getting old. Either way it is a worrying statistic.
“From a financial planning perspective it can be quite remarkable. People often spend a considerable amount of time researching the best savings rate on their cash deposits, hoping to achieve an extra 0.25%. They are also equally happy to use price comparison websites to get the best deal on any number of insurance policies, energy bills, mobile phone contracts, even weekly shopping. However when it comes to making sure that their estate is distributed according to their wishes, something prevents them from taking action. I’ve even met people that have gone to great lengths to reduce the inheritance tax that would be payable on their death, but have not got round to writing the will that would tie everything together.
Writing a will allows you control over how your estate is distributed. You can provide for family members, make gifts to charities, not to mention avoiding arguments over specific treasured possessions! It may also allow you the opportunity for some sensible tax planning; using available allowances to reduce the inheritance tax that could otherwise be payable on your death.”
There are many different reasons to write a will, but no compelling reasons not to.