Half of people are in 'serious need' of updating will

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Half of people are in 'serious need' of updating will

Fri 3rd Aug 2007

Approximately 50 per cent of people who have a will in place are "seriously in need" of updating the document, according to Willcraft Services.

Colin Chapman, managing director of the online will-writing service, said that many people's wills could have been written up to twenty years ago.

"Circumstances have changed and certainly asset values have changed," he claimed

Mr Chapman also advised people looking to write a will that they should obtain the assistance of a professional.

He said: "There are pitfalls in not having [a will] - there could be even bigger pitfalls in having one that hasn't been written properly."

Mr Chapman's comments came after figures released by Barclays Wealth revealed that 63 per cent of people in the UK are yet to write a will.

The study also found that many Britons are not reviewing their wills to account for potential factors such as inheritance tax.

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