Half of wills in Scotland are out of date

Update Your Will Week (28^th March – 3^rd April)

Research commissioned by SFE has revealed that almost half (47%) of people living in Scotland who have a will haven’t updated it for more than five years, meaning nearly half of wills made in the area are likely to be out-of-date.

Of those, nearly a third (30%) haven’t updated it for over 7 years, and a fifth (20%) haven’t dusted it off in more than a decade.

Having an up-to-date and well drafted will is crucial in ensuring your wishes are carried out in the way you’d like when you die.

This year, SFE, a membership body representing over 1,600 solicitors specialising in working with older and vulnerable people, has launched “Update Your Will Week” (28^th March – 3^rd April) in a bid to raise awareness of the importance of updating your will regularly.

Regional SFE Director for Scotland and Head of Personal Law at Gibson Kerr in Edinburgh, Lindsay Maclean recommends that a will be reviewed and updated every five years, or when a major change in your life occurs that impacts you or your loved ones, such as divorce, marriage, a new birth or even death in the family.

SFE’s research has revealed that almost a third (31%) of people in Scotland with a will have had significant changes to their lives and circumstances since they drafted it.

Lindsay Maclean has warned that an unchecked and outdated will could cause severe implications for your loved ones after death – including missed inheritances and higher inheritance tax fees: “Many people assume that once you have drafted a will you don’t ever have to review it, and that your wishes will be carried out as you wish them to be posthumously – but unfortunately, that’s far from true.

“If you remarry, for example, a previous will may remain in place which doesn’t include your spouse. Or if you marry into a family and have stepchildren that you’d like to inherit your assets – this won’t happen automatically unless you stipulate it in a new will.

“All these details are crucial to ensure your assets pass to the beneficiaries of your choice and to try to avoid family disputes – which we know can be very distressing for your loved ones.”

In fact, SFE’s research revealed that:

• Almost than a third (31%) of people realise stepchildren won’t be included in your will unless you stipulate that separately.
• 17% of people think you can update your will by making changes on the original document and initialling them.  This may be possible, but a court would need to accept that the changes were validly made by you, and it can leave loved ones having to argue in court.

The findings have also revealed that 52% of people in Scotland don’t have a will in place at all – a worryingly steep figure. Lindsay Maclean has highlighted that one in ten British families (11%) have been caught out by a ‘bad will’ – a will that is out of date or badly drafted – for example missing out on inheritance or their childhood home being sold without their knowledge.

Lindsay Maclean: “It’s great to see that many people living in Scotland have a will in place – but we need to see a higher will uptake, and for those that have a will in place, it’s paramount that they review these regularly.

“I’d strongly recommend that people look for their local SFE accredited solicitor to assist them with their will.”

To find out more, or to find your local SFE accredited solicitor, visit: www.sfe.legal