New research from MoneySuperMarket shows 11% of adults have an ex-partner named in their will whom they no longer want to be a beneficiary
Millions of UK adults could be at risk of leaving assets to their ex-partner because they haven’t updated their will.
New research from MoneySuperMarket shows 11% (one in nine) adults have an ex-partner named in their will.
Just over a fifth (23%) of will-holders have already updated their will to remove an ex-partner, but men are more than twice as likely as women to still have an unwanted ex–partner in their will.
Men are also more than twice as likely as women to say an ex-partner remains named in their will. Only 40% of adults have a will in place, and with just 36% of women having a will, compared to 44% of men.
MoneySavingExpert estimates that this leaves 18 million estates unprotected if someone dies without a will in place. One in 10 UK adults say they will never make a will.
Kara Gammell, Life Insurance Expert at MoneySuperMarket said: “Updating your will after a break-up is one of those admin jobs that’s easy to put off, but the consequences of not doing it can be significant and very hard to undo.
“Updating your will to remove an ex-partner is often far simpler than people imagine. For a straightforward change, a solicitor can usually draft what’s called a ‘codicil’, a short legal amendment to your existing will, in a single appointment, often costing less than a full rewrite of a will.
“It’s also worth remembering that life insurance often sits outside your will entirely. If you’ve named an ex-partner as a beneficiary on your policy, or written the policy in trust for them, updating your will alone won’t change that. In these cases, you’ll usually need to contact your life insurer directly to review or update the policy details.”
There is Free Wills Month which happens in October and March, which is where a solicitor will draft your will for free in certain locations.
You will be asked to leave money to a charity in your will, although you do not have to.
Then there is Will Aid which runs in November and this runs across the whole of the UK. Again, you will be asked to make a charity donation.
For a single will, there is a suggested donation of £120, or for a mirror will, the suggested donation is £200. You can give less if you prefer.
