People over 55 urged to spend £150 immediately over 'ticking timebomb'

HALF of over-55s haven't formalised a Will yet - sparking an urgent warning over a "ticking timebomb". In a new study of 1,000 people in the UK, over half said they had not formalised their Will as they head into the final third of their lifespan.

Heledd Wyn, private client partner at Shakespeare Martineau, warned: “These findings are nothing short of a wake-up call. The failure to formalise a Will is a ticking time bomb, ready to detonate and wreak havoc on the lives of surviving loved ones.

"The consequences of not having a formal Will in place can be dire, leading to bitter disputes, financial turmoil, and irreparable rifts among loved ones.” Ms Wyn continued: “Now is the time to confront the uncomfortable reality of mortality and take decisive steps to protect what matters most.”

READ MORE UK braced for heatwave later this week but only 'half' of England will be hit

Fiona Dodd, private client partner at Mayo Wynne Baxter, said in a previous warning: “We have witnessed firsthand the profound impact the absence of a securely stored and regularly updated will can have on estate administration. It not only leads to increased costs and legal complexities, but also inflicts emotional strain and turmoil on all parties involved.

“We strongly urge individuals to take proactive steps to safeguard their wills to avoid similar complications in the future, ensuring peace of mind for themselves and their loved ones. Our advice is to always keep an original copy of a will with your will writer or lawyer and ensure your executors are told where this is held.”

Shakespeare Martineau said: "Planning early, however, gives you and your family peace of mind so you can enjoy your time together in the present. With the expert guidance of our wills and probate solicitors, our clients find the process of preparing a will much less stressful than they anticipate.

"Your will is the cornerstone of your succession planning. Not only will this document ensure that your assets pass to your chosen beneficiaries and family members, but also that this happens in the most practical and sensible way to protect your loved ones and your assets for the future."

The cost of making a Will varies depending on whether you write a Will online, yourself or enlist the help of a Will-writing solicitor. The cost can range anything from £30 if you write the Will yourself through to £500 if you have a solicitor’s help and there are some complexities involved. On average the cost of a Will is £150 – £250.