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Grandchildren Benefit in Most UK Wills

A new study has revealed that grandchildren are the most likely to be named and favoured in the majority of Wills in the UK. 
 
According to a report from SunLife, grandparents are more likely to leave a large lump sum for grandchildren rather than their own children, with most being keen to leave money behind for the newest generation of their family. Surprisingly, many opt to ring fence money in their Wills to ensure that their children are not the ones that need to pass on the money, but that it any money is passed on through a solicitor according to their wishes. 
 
More than 70% of all those asked stated that they planned to leave a lump sum to their grandchildren with 55% of those questioned stating that they would make sure that the money is ring-fenced to guarantee that their grandchild would receive it. 
 
Experts stated that the close relationship that grandparents have with their grandchildren is one of the major reasons for so many grandparents opting to leave an inheritance with 30% saying that they enjoy a better relationship with the grandchildren than their child. As well as this, grandparents being heavily involved in the upbringing of grandchildren was cited as another major factor in the reason for grandchildren benefitting from inheritances. 
 

Passing on an Inheritance: The Importance of a Will

 
While many intend to pass on an inheritance to a loved one, some people do so without a valid Will in place. A Will is one of the most important documents that you can have and can be crucial in passing on your estate, without a Will, your estate may be passed on to someone you do not intend it to under the rules of intestacy. 
 
Some people believe that having a Will means that their estate is naturally protected. However, it is vital that such a document is kept up to date, ensuring that it remains valid. A change in your circumstances can affect your Will with a divorce, remarriage, purchasing a new property and even having a grandchild can affect your estate; thus it is imperative that you keep your Will up to date and relevant to your current situation. 
 

The Importance of a Solicitor when Drafting a Will

 
Although making a Will is imperative to the future of your loved ones, many people are hesitant to spend the required sum to ensure that the future of their estate is secured. Many people believe that a Will can be exceptionally expensive, but with some costing less than £200, a legally binding Will can be one of the most important documents at what is a relatively low cost for what it secures. Despite this, some still opt to try and save money by opting to create what is known as a “DIY Will.” This Will is created using a template and can be bought online or on the High Street at a much lower cost. However, the document does not take into account complicated family circumstances and can be invalid if not completed thoroughly. While many people opt to use a DIY to save money, the decision can lead to much more expenses in the future as the Will can often be deemed to be invalid. 
 

Executry Solicitors in Aberdeen - Contact Us

 
When creating a Will, it is vital that you enlist the help of a skilled solicitor to make sure that your Will is drafted correctly and takes all factors into account. By having expert legal representation, not only will you have peace of mind, but can ensure that your Will is protected and drafted correctly. 
 
If you wish to have your Will reviewed, or if you require the advice of our team of solicitors to create a will, contact us today on 01224456789 using our online contact form.
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