Over 55s Face Urgent Call to Action on Wills This March
Financial experts are issuing a stark warning to individuals aged 55 and above, urging them to take immediate steps during March to secure their wills. This critical advice comes as new research reveals that millions in the UK are missing this essential document entirely, while nearly half of those who have arranged a will are storing it incorrectly, potentially jeopardising their entire estate.
The Dire Consequences of Dying Without a Valid Will
When a person passes away without a legally binding will, their estate is distributed according to strict intestacy rules. This often results in unmarried partners, stepchildren, and carers being entirely excluded from any inheritance. In more extreme cases, if no surviving relatives meet the criteria under these rules, the estate may even be claimed by the Crown. Recent data from Which? indicates that only four in ten people across the UK currently possess a will, highlighting a widespread vulnerability.
The Hidden Dangers of Improper Will Storage
Jenny Ross, the Money Editor at Which?, emphasised the complacency that many exhibit after drafting a will. She stated, "Once we've drawn up a will many of us are guilty of thinking of it as done and dusted, yet as our research shows, failing to ensure it remains up to date or properly stored could have devastating consequences for your loved ones." The investigation uncovered that 39% of individuals with a will keep it at home, exposing it to risks such as theft, fire, or accidental damage.
For a will to be processed smoothly through probate offices, it must be in impeccable physical condition. Any tears, water stains, or marks from staples and paperclips can raise suspicions and complicate proceedings. One survey participant recounted being questioned about staple marks on his wife's will after removing them to create a certified copy, illustrating how minor issues can escalate.
Secure Storage Solutions and Legal Safeguards
To mitigate these risks, experts recommend utilising professional storage services. Options include the HM Courts and Tribunal Service in England and Wales, dedicated will-storage providers, or the Register of Deeds in Scotland, though these may involve fees. While half of the respondents in Which?'s survey reported that their solicitor holds their will, this approach is not without pitfalls. If a regulated law firm stores the document, there are established processes to protect and trace it if the solicitor ceases trading. However, storing with an unregulated will-writing firm can lead to greater complexity and uncertainty.
March Presents a Prime Opportunity for Free Will Services
March marks Free Wills Month, an initiative that offers people over 55 the chance to have a simple will drafted or updated at no cost. Solicitors provide this service through participating charities, with the aim of encouraging charitable gifts in wills, though there is no obligation to include one. This period is ideal for revisiting, updating, or correctly storing an existing will, or creating one for the first time.
Once a will is securely stored, it is equally vital to inform the executor of its location and register it with the National Wills Register. The Government advises reviewing your will every five years and after significant life events, such as marriage, which can automatically revoke a previous will unless a new one is made. By taking these proactive measures, over 55s can ensure their assets are distributed according to their wishes, safeguarding their legacy for future generations.
