New research from Solicitors for the Elderly (SfE), as part of its Update Your Will Week 2023, has revealed that seven out of ten parents in the UK have no legal guardian in place who would care for their children.
While many people will see a Will as a means of distributing an inheritance after a person dies, it is also an important document for outlining the care of children and other vulnerable people in your life in the event of your death.
According to the SfE study, fewer than a fifth of parents realised that the courts or social services could decide what happens to their children if they don’t have a Will in place.
The new report also found that around half of respondents had a life-changing event, such as the birth of a new child, since they last updated their will – while only 44 per cent of those surveyed had updated their Will in the last five years.
Given these findings, it is not surprising that one-fifth of people know someone who has been affected by something going wrong with a Will.
We highly recommend that everyone creates a Will and updates it at least once every five years, or after any life-changing events, to ensure it meets their wishes.
If you would like advice on later life planning, including the creation of a Will that ensures your family are protected, please contact us.