The random nature of the Covid-19 virus has caused many of us to reflect on our own mortality during recent months. The long weeks of lockdowns have persuaded thousands of people to reassess their lives, and allowed them the time to focus on their financial circumstances. They have made new plans for their retirement, and have thought about how best to pass on their assets to the next generation. This means that more and more people have turned their attention to their will, either to draw one up if none is in place, or to amend the terms to better reflect their current wishes.
As an example, led by the efforts of Captain Tom Moore, the NHS and scores of charities around the country have reported big increases in donations from wills over recent months. A valid will is the only way to ensure your property, money, possessions and investments will go to the people and causes you care about. Without a will you have no say over what happens to your money and property when you die, and you should not make assumptions as to how the law will divide up your assets.
Research shows that in 2019 only around 40% of adults in Britain had drawn up a will. That leaves over 30 million Britons without any plan as to how their assets should be divided up in the event of their death. Predictably the older an individual was, the more likely they were to have written a will, with 75% of over-55s saying they had a will in place. This rose to 79% of the retired population as a whole. Conversely, only 12% of people under the age of 34 said they had made a will, and only 34% of those in the 35 to 54 age group.
Since the pandemic hit the UK, solicitors, will-writing businesses and internet sites have all reported increased interest form the public in drawing up wills. World-wide financial consultancy firm deVere Group has recently reported a 75% increase in the number of enquiries relating to wills, with CEO Nigel Green saying: “Like too many aspects of financial planning….drawing up a will is not something that most people rush to do. It remains on the back burner until something, such as an illness or change of circumstances, focuses minds. The coronavirus pandemic has had an unprecedented, collective focusing-of-minds effect”.
David Greene, President of The Law Society commented: “The coronavirus pandemic has made people reflect on how vital it is to make sure their loved ones are taken care of if they were to die. If someone dies without making a will – also known as dying intestate – the law determines how much of their estate their spouse, children and other relatives will inherit. Under intestacy laws, unmarried partners and close friends cannot inherit, meaning loved ones could be left with nothing. Writing a legally valid will with the help of an expert solicitor ensures people’s estates are inherited exactly as they would choose and can prevent a whole raft of problems landing on loved ones when they are grieving”.
For information on how to draw up a will go to: Will Writing Service
Bretherton Law have been helping the people of Hertfordshire to manage their affairs for over 50 years. Our expert team can guide you through the Will Writing process, as well as dealing with Lasting Powers of Attorney, Court of Protection, trust or probate services on your behalf. Contact us on 01727 869293 or via the form below.
