People neglecting to change their will

Almost a third of Britons fail to change their will after a major change in their circumstances, a study has found.

According to Investec Wealth and Investment many wills are not changed following a marriage or divorce, with 10 per cent not reviewed for over 20 years.

More troubling still, eight out of ten married people were unaware that their existing will was revoked when they tied the knot, leaving any prior arrangements invalid.

And two thirds wrongly believed that they will be automatically covered by their partner’s will.

In light of the study, people are being urged to make sure that they speak to a solicitor and keep the documents up-to-date.

Nick Gartland, senior financial planning director at Investec Wealth & Investment, said: “Everyone should have a Will but the sad fact is that most people haven’t got round to it or if they have it’s often severely out of date. There is also a lot of confusion about how Wills work and this can lead to problems further down the line

“Wills are particularly important for people who have gone through major life events such as getting married, having kids, separating or divorcing.

“For example, if you’re separated but not yet divorced, your former spouse or civil partner will get everything if that is what your will says.”

Investec’s research also revealed that two thirds of British adults don’t have any will at all and a fifth have said they have no plans to ever write one.