{"id":66656,"date":"2022-05-03T11:12:45","date_gmt":"2022-05-03T10:12:45","guid":{"rendered":"https:\/\/downtowninbusiness.com\/?p=66656"},"modified":"2022-05-03T11:12:46","modified_gmt":"2022-05-03T10:12:46","slug":"a-specialist-liverpool-solicitor-warns-half-of-wills-are-out-of-date","status":"publish","type":"post","link":"https:\/\/downtowninbusiness.com\/news\/members-news\/2022\/05\/03\/a-specialist-liverpool-solicitor-warns-half-of-wills-are-out-of-date\/","title":{"rendered":"A specialist Liverpool solicitor warns half of wills are out of date"},"content":{"rendered":"\n

New research reveals almost half (46%) of people with a will haven’t updated it for more than five years. Experts recommend a will is reviewed and updated every five years, or when a major change in your life takes place.<\/p>\n\n\n\n

The YouGov research commissioned by SFE (Solicitors for the Elderly) shows that over a third of people (33%) haven\u2019t updated their will for more than 7 years, and over a fifth (24%) haven’t dusted it off in more than a decade.<\/p>\n\n\n\n

John-Paul Dennis, a solicitor at Astraea Linskills legal practice on Castle Street in Liverpool, is accredited by SFE having undertaken additional training to specialise in supporting people, including older and vulnerable people, with wills, powers of attorney, trusts, tax planning and care home fees planning.<\/p>\n\n\n\n

He warns that an outdated will could cause severe implications for loved ones \u2013 including missed inheritances and higher inheritance tax fees:<\/p>\n\n\n\n

\u201cHaving an up-to-date and well drafted will is crucial to ensure your wishes are carried out in the way you\u2019d like when you die. I recommend a will is 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.<\/p>\n\n\n\n

\u201cMany people assume that once you have drafted a will you don\u2019t need to review it, and that your wishes will be carried out as you wish them to be posthumously \u2013 but unfortunately, that\u2019s not true.<\/p>\n\n\n\n

\u201cIf you remarry, for example, your will gets revoked. Or if you marry into a family and have stepchildren that you\u2019d like to inherit your assets, this won\u2019t happen automatically unless you stipulate it in a new will. All these details are crucial to avoid family disputes \u2013 which we know can be very distressing for loved ones.\u201d<\/p>\n\n\n\n

The research highlighted that almost a third (30%) of people with a will have had significant changes to their lives and circumstances since they drafted it. It also revealed many people believe common myths about wills:<\/p>\n\n\n\n