Why should you make a Will if you have young children?
New research commissioned by Solicitors for the Elderly revealed that a staggering three quarters (70%) of parents in the UK have no legal guardian in place to care for their children in the event of their deaths.
In addition to this, the research revealed only 56% of UK adults have updated their will within the last five years, meaning around a half of wills are out of date.
It also showed that half of UK adults have experienced a life changing event, such as getting married, divorced, or having a child, since last updating their will.
We recommend that wills are reviewed and updated every five years, or when a major change occurs that impacts you or your loved ones.
According to the research, parents are almost completely unaware of the risks of not identifying a legal guardian in a will; this includes the courts or social services deciding what happens to your children. With only two out of ten parents understanding that social services or the courts can step in to decide what happens to your children if you don’t have a will in place.
Speak to our Suzy Bhaker for more information about making changes to an existing will or creating a new one.