Millions of people are missing a vital document, and even those that have arranged a will are storing it the wrong way
Money experts are urging over 55s to take action as they may be able to get a free will drafted this month. While thousands in the UK currently don’t have this crucial document, nearly half of those that do have a will are making a major mistake that is still putting their estate at risk.
People that die without a will leave their estate to be handled by intestacy rules, which may see unmarried partners, stepchildren and carers excluded from their inheritance. In some cases, the estate may even be given to the Crown if no surviving relatives fit the rules of intestacy.
Only four in 10 people in the UK have a will currently, according to new research gathered by Which? However, even some of these people are risking having their estate distributed by intestacy rules because of what they do with this document once it’s written up.
Jenny Ross, Which? Money Editor, said: “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.”
Which? revealed that 39% of people with a will are storing it at home. This could make it vulnerable to issues like theft or fire.
A will must be in good physical condition in order to make the process smooth and avoid any potential concerns. This includes avoiding tears, water damage or even marks from staples and paperclips.
Damage like this can raise suspicions when your will is going through the probate office. One participant told Which? he’d been questioned about staple marks on his wife’s will after removing it to make a certified copy.
You can store your will through services like a HM Courts and Tribunal Service in England and Wales, will-storage service, or the Register of Deeds in Scotland. But this may come with a fee.
Half of the people in Which?’s survey said their solicitor was holding onto their will for them but this may also have its risks. The experts noted: “If your will is stored with a regulated law firm there are processes in place to protect and trace it in the event the solicitor ceases trading. If your will is stored with an unregulated will-writing firm, the situation can be more complex.”
Once you’ve decided where to store you will, it’s equally vital to tell your executor where it is and register it in the National Wills Register. March is Free Wills Month, making it an ideal time to revisit, update and correctly store your will or draw one up for the first time.
This initiative is available to people over the age of 55 who need a simple will written or updated. Solicitors do the service for free through certain charities with the aim to encourage leaving a charitable gift in your will but there’s no requirement to do this even when using the service.
The Government recommends reviewing your will every five years and after any major life events. Not updating it can also affect your will’s validity. For example, if you make a will and then get married, your will may be revoked and your estate will be handled by intestacy rules unless you make a new will.
