Consilium Financial Planning Ltd: Review a will every five years

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Consilium Financial Planning Ltd: Review a will every five years

Thu 24th Jul 2008

Wills should be reviewed every five years , Consilium Financial Planning Ltd has said.

Kevin Morgan, managing director, said wills should also be re-assessed in the event of lifestyle changes such as divorce.

He added that it would be "a good start" to make sure everyone has a will, noting that there are "still far too many intestacy cases" .

According to English and Welsh intestacy law, if someone dies without having made a will, their spouse or civil partner receives £125,000 from their estate plus interest on half of what remains.

Children over 18 will receive the other half, while it is put into a trust for children who are minors.

The laws have not been updated since 1993.

Mr Morgan also observed that while pre nups are not legally binding, it is believed that courts are taking them into consideration when making judgements.

He said: "Sadly, pre nups are increasingly an important consideration when entering a marriage or civil partnership contract."

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