Do you need to write or review your Will? 30-Mar-2020
By Adele Bebbington-Plant, Head of Wills, Trusts & Estates
Has the Coronavirus pandemic led you to consider writing or updating your Will? Here our Head of Wills, Trusts & Estates Adele Bebbington-Plant looks at why you need a Will and some common misconceptions:
The UK Government’s guidance around social distancing and self-isolation is providing many with the opportunity to take stock and reassess their lives including getting their affairs in order, making a Will is an essential step.
A Will is something that everyone should have; yet only about a third of people do. Making a Will ensures that when you die, your property and affairs will be dealt with in-line with your wishes.
I have nothing to leave
It is a common misunderstanding that you need to be wealthy to need a Will. This is not the case. Many people own their own house or have life assurance policies, investments, building society accounts and shares. Those assets alone could be worth very large sums of money.
Everything will go to my nearest relative anyway
Many people assume that if they die, their partner will automatically receive everything. There is nothing automatic about it at all and if you are not married, this is definitely not the case. This can be a complicated area of law; a Will provides certainty and helps to prevent claims against your estate.
I have made my own will
Making your own Will can be a very risky business. The problem is that you will not be around to tell everyone what you really meant to say. If you take our advice you will have the peace of mind that comes from knowing that your estate will be dealt with as you wished.
I made my will years ago
You should always keep your Will under review as your circumstances change. Both marriage and divorce may cancel your existing Will. The same applies to Civil Partnership. It is essential that your Will is kept up to date to reflect any changes in your life, your finances or tax rules. We spend most of our lives working to provide for our loved ones and a Will is essential to ensure that your assets are distributed to those loved ones in the most efficient and legally binding way possible.
Can I still make a Will while the Coronavirus is having such an impact on UK life
Yes, you can. We are still open for business and our team are very happy to receive new Will enquiries. Given the current guidance around social distancing and self-isolation we would be happy to arrange this through, Facetime, Skype or WhatsApp Video, or simply on the telephone.
For more information or to arrange to make a Will please contact a member of our Wills, Trusts & Estates Department on 01244 356 789 or email firstname.lastname@example.org
Please note: This is not legal advice; it is intended to provide information of general interest about current legal issues.