The 2012 Will Aid survey into wills and inheritance issues has revealed that 60% of people surveyed have not yet written a will, yet many people have given some thought to what they would do with an inheritance, should one come their way.
According to the survey:
- 60% of 18-24 year olds would use an inheritance to buy a home,
- 40% of 45-54 year olds would use an inheritance to provide a pension,
- 48% of 35-44 year olds would repay their mortgage, and
- 55% have no idea where the will of their nearest relative is.
Where a will does exist, it is important to keep it up to date. Experts suggest that a will is reviewed every five years and updated as and when circumstances change.
People named as executors may have died; beneficiaries may have moved and be very difficult to trace; family circumstances may have changed dramatically. There may have been births, deaths, marriages, separations and divorces, all of which may have an impact on the contents of a will and some of which can affect its validity.
