£9,700 – The Cost of Not Making or Not Updating a Will

Not updating or not making a will costs families an average of £9,700, according to research published in the Daily Telegraph.

Vast fortunes remain in long-lost bank accounts and other financial institutions. Tracking down assets not recorded in a will can be tricky. Many people hire expensive solicitors or probate researchers, as popularised in the BBC programme Heir Hunters. But much remains elusive.

Half of British people fail to draw up a will. But dying without a will does not necessarily leave family members out of pocket if all assets are known about. However, some people keep money matters to themselves. Out-of-date wills can be contested in court if it can be argued that the true wishes of the deceased, if miraculously brought back to life, would have changed because of recent events. A good example would be if new grandchildren had been born.

Industry experts advise that wills should be updated every two years. Have you updated your will recently? Have you actually made a will? If not, contact Heritage Will Writing on 02380 879243.