Update probate beneficiaries as circumstances change

With divorce rates in the UK increasing and more and more couples splitting up later on in life, it is important to keep wills up to date to ensure that estates go to intended parties.

Official government statistics show that the number of divorces in England and Wales in 2010 rose by 4.9 per cent since 2009, from 113,949 to 119, 589

Approximately 11.1 couples per thousand now get divorces, with the highest per cent in 2010 found among heterosexual couples between 40 to 44.

While it may be no “surprise” that the number of divorces in the UK is rising, according to John Loughton, head of public policy at Relate, people still neglect to update their wills to cancel out parties no longer desired to be probate beneficiaries.

Although it is advisable to make a will once assets start to accumulate, life often changes and things that were true during a person’s 20’s or 30’s may no longer be reality around middle age.

By their nature, wills must be constantly adapted to reflect estates in their entirely to avoid challenges of probate once deceased.

Published by Phil Hammond