During June 2024, we carried out some research with over 1,900 GB adults which found that only half (51%) of parents of children of any age have made a will: this drops to just 35% of parents of children under the age of 18. 

The key findings were:

•     47% of all parents in Britain do not have a will
•     62% of parents of under 18s do not have a will
•     16% of parents have not reviewed/updated their will for over 10 years 
•     5% don’t know when they last updated their will

And, when compared to other home nations, parents in Scotland are falling behind those in England and Wales, with fewer having made a will or kept it up to date.

•     49% of parents in Scotland do not have a will
•     65% of parents of under 18s do not have a will
•     22% have not reviewed/updated their will for over 10 years 
•     7% don’t know when they last updated their will

Unfortunately, this leaves many families at risk of their estate being distributed according to the rules of intestacy - a complex process not necessarily reflecting the personal wishes of the parent. This could also mean their offspring do not receive the inheritance that the parent had perhaps planned or could leave families with unnecessary stress at what will undoubtedly be a difficult time. 

Why get a will?

Having a will provides clarity and peace of mind to families so that after a death, assets can be distributed according to the deceased’s wishes. Considering it’s such an important document, it’s both surprising and concerning to see that so many parents do not have a will in place, and nearly a fifth have not updated it for over a decade. A will is crucial in defining how an estate is to be divided among children, so reviewing it regularly is paramount.

When should a will be updated?

Writing a will is not a one-time task. People’s lives and circumstances are constantly changing, and this should be reflected in their wills. 

Below are five different circumstances after which, it would be prudent to review and perhaps update a will:

Marriage or divorce - Marriage significantly changes a person’s legal and financial status, which should be reflected in their will. Anyone recently married may want to include their spouse as a primary beneficiary. However, when children are involved, or if it is a second or third marriage, parents will need to decide whether their estate goes to their partner or offspring. 

The birth or adoption of a child or additional children - Welcoming a new child into the family is a joyous occasion and another reason for parents to update their will. They will likely want to add the new child as a beneficiary - and maybe even set up a trust to manage their inheritance until they reach adulthood. Additionally, a guardian can be appointed to care for under 18s if something happens to both parents. Without these updates, the child or children might not be adequately protected or provided for.

Changes in financial circumstances - A substantial change in an individual’s financial situation - whether a windfall from an inheritance, a significant salary increase, or the acquisition of new assets such as property - should also prompt a will review. The current document may not accurately reflect the wishes of how these expanded assets should be distributed (including charitable donations). Conversely, should an individual experience financial setbacks, they might need to make adjustments to ensure bequests remain realistic and achievable.

Health issues - A significant change in health should prompt a parent to reassess their will, especially if it leads to long-term care, disability, or terminal illness planning. Updating a will in light of health changes can ensure a person’s wishes regarding funeral arrangements, asset distribution, and the support of dependents are clearly documented and legally binding.

A beneficiary or executor has passed away - If a beneficiary or executor passes away, it’s crucial to update the will. The loss of a beneficiary may require an individual to redistribute their share of their estate to others or to name a new beneficiary. If a chosen executor dies, a new person must be appointed to handle the administration of the will. Leaving an outdated will in place could create confusion and complicate the probate process.

Your will should reflect your most recent wishes. By regularly updating it, you can have peace of mind knowing that your estate is in good hands, no matter what changes life brings. After all, the last thing you want to do as a parent is leave your grieving children with complications around your estate. Getting your ducks in a row means they won’t suffer any unnecessary stress at what will undoubtedly be a difficult time. 

Even if there haven’t been any major life changes, it’s a good idea for parents to review their wills every three to five years - and consult a solicitor to ensure everything is legally sound. 

Circumstances can change in ways that aren’t immediately obvious, and periodic reviews ensure the will remains up-to-date and in line with your current wishes.