Research shows £175m in assets is lost each year due to wills failure.
A new study has shown that dying without an up-to-date will, or without one at all, costs heirs in the UK a staggering £175m a year.
To add to this 175,000 British people struggle to track down the assets left by deceased family members, missing up to £20,000 per late relative.
The findings by the will registration service Wills and Assets highlights the problems associated with a subject many people would rather steer clear of.
Even those who do leave a will often leave their relatives out of pocket because they fail to update their assets regularly.
A huge fortune of money is currently hidden in banks and other financial institutions because wills haven’t been kept up-to-date.
This means that often wills that look 100 per cent perfect are not so, failing to include assets which could make a huge difference to everyone involved.
The survey interviewed almost 2,000 people and from it the conclusion was that almost a half of people in the country fail to make a will.
If that is the case we welcome it as positive news because up until now research has shown the figure of those without wills to be more like two-thirds.
There is a saying that the urgent is seldom important and the important seldom urgent.
This applies perfectly when it comes to wills – they are one of the most important documents that a person can make.
However, they are emotionally wrapped up in the subject none of us really want to face – which is our own demise. It is for this reason that we in the legal profession have such a hard time getting the message across.
In this era where family structures are more complicated than they were it has made the need for a will even more important than ever.
As we have said before, family fall-outs over assets have become common and generally a will negates this.
Our advice is make a will and keep it up-to-date. Revisit it at least every couple of years.
As the research has shown there is a lot of money not going to the people who are meant to have it. It is a problem that can easily be solved.
It’s time the subject of wills came off the back-burner – and we hope this article, and the alarming statistics that go with it, can help to get this important message across.