05 Oct 2020
Covid-19 prompts 'one in six' to take action on their Will
Coronavirus has spurred one in six adults into taking action on their will, according to new research.
This includes inquiring about a will, updating an existing will or creating a new one.
Despite increasing numbers of people realising the importance of having this important legal document in place, Royal London research still found that only two in five adults have a valid will.
The firm said the pandemic has been the main prompt for reviewing a will in the last six months.
More time at home was also a top prompt, followed by concerns about becoming ill or the death of a loved one.
Of those that do have a will, one in seven admitted it to be out of date, rising to nearly one in five amongst those who have previously been married - which increases the risk of assets going to the wrong person.
And more than four in 10 homeowners have no valid will in place.
Importance of a will
Making a will is one of the most important things we can do - after all it determines how our most personal possessions and hard-earned savings will be shared among close family and friends.
It is often a simple and inexpensive process. But failure to make a will can pose major difficulties for those left behind, for instance, by paying more tax than necessary.
Your estate - money, other assets and possessions - could be distributed according to the law rather than your wishes. It is particularly important to leave instructions if you own property.
What you need to think about
It is advisable to consult a solicitor before deciding what to put in your will. A will can cover a range of issues, including:
- Who should inherit your property, money, other assets and possessions
- How your children should be cared for
- Who should be responsible for looking after your estate (the executors)
- Special arrangements for your funeral
- Any charitable donations you would like to make
How our will writing solicitors can help
Wills are often straightforward, but some involve complicated arrangements and financial affairs, such as Inheritance Tax - all the more reason to ensure they are drawn up by a qualified solicitor.
By offering property, legal and financial services together, Aberdein Considine can help you see the opportunities that other cannot. Our experts will work together to make sure that there is as little Inheritance Tax payable as possible thus leaving more for your beneficiaries.
So when planning your estate becomes difficult to navigate, let us be your map and compass.
Click here if you would like to speak to one of our experts.