Update your Will week highlights the lack of parental planning
According to a recent piece of research commissioned by Solicitors for the Elderly, seven out of ten parents across the UK have no legal guardian in place to care for their children in the event of their deaths.
The research was carried out ahead of “Update Your Will Week 2023,” which has been organised to encourage parents to make sure they have an updated will.
Many parents are completely unaware of the risks of not identifying a legal guardian in a will. Only 17% realised that social services or the courts could rule what happens to your children if you don’t have a will in place.
The research also highlighted that:
Only 56% of respondents had updated their will within the last five years. This equates to half of the UK’s Wills being out of date.
Over 50% of respondents had been through a life changing event, such as getting married, divorced or having a child, since they last updated their Will.
One fifth of respondents know someone who has been affected by an inaccurate Will.
The research ultimately highlights that people need to review their Will, ideally once every 5 years or after life-changing events like getting married or having children.
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