Member Article

Taylor&Emmet poll reveals will reviews overlooked

An online poll conducted by Sheffield solicitors, Taylor&Emmet LLP, has found the majority of people understand the importance of making a will, but not of keeping it updated.

The firm asked its Twitter followers how often they should update their will and 51% responded to say never, once it had been decided.

Richard Barlow, a probate expert at Taylor&Emmet, said: “We’re pleased the message about the need to make a will is getting through, but we were surprised so many people thought it didn’t need updating. There are a number of milestones in life that can affect who you wish to inherit your assets and it is important the instructions you leave reflect your current circumstances.”

Only 33% of respondents to the poll thought a will should be updated every five years, which is what Taylor&Emmet recommends. The firm also asked Twitter users to identify the most important reason for making a will. The top two answers were to take care of family (51%) and leave clear instructions (31%).

Richard added: “Marriage automatically revokes any existing wills, so it is vital they are made again, even if the terms are to be the same and obviously, if couples divorce, their wishes should be reviewed and amended where necessary.”

“The arrival of children can have a huge impact on your attitude to the future. Most parents want to ensure their family is provided for and nominate guardians, should anything happen to both of them. As their offspring grow, we find attitudes can change and some couples want to guard against an adult son or daughter inheriting outright, if they are going through a difficult time, be it divorce, bankruptcy or an addiction.

“Finally, estates fluctuate in value and people need to make sure their will is consistent with their finances. As wealth increases, so does the impact of inheritance tax, which means careful planning is needed to take advantage of available exemptions and allowances.”

To find out more about making or reviewing a will, contact Taylor&Emmet’s probate team on (0114) 218 4000, visit www.tayloremmet.co.uk or follow the firm on Twitter, @tayloremmet.

This was posted in Bdaily's Members' News section by Nina Sorby .