6 April 2020
There has been a significant increase in the number of people enquiring about making a Will due to the coronavirus (COVID-19) pandemic.
In fact, financial advisors deVere Group says there has been a 76% increase in the number of enquiries about making a Will over the past two weeks.
According to their CEO Nigel Green, this is due to anxieties about the increasing number of COVID-19 deaths, with people across the country considering financial planning to protect their families and loved ones from unnecessary distress at an already difficult time.
He said: “Like too many aspects of financial planning, including retirement 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 a change of circumstances, focusses minds.”
Under the current lockdown and social distancing measures, people may have more time on their hands to think about planning for the future and getting their affairs in order.
Have you got married or divorced since making your last Will or have you become a parent or adopted a child? If your family relationships or assets are now different it is important to check that your Will still reflects your wishes.
Perhaps you have yet to make a Will. We understand that for many people making a Will is not a pleasant thought. However, if you die without a Will, your estate will be governed by the rules of intestacy. This could mean that your spouse will not inherit the whole of your estate, or your estate may not be distributed in the way that you wish.
Irrespective of the number of years you have lived together, an unmarried partner has no automatic right to their partner’s estate and will receive nothing at all unless named as a beneficiary in your Will. They may be forced to apply to the court to receive any financial assistance from your estate.
A Will might well be the most important legal document you ever sign as it protects your most important asset – your family. It is essential to plan ahead, particularly if you have children, own a property, have savings and investments or own a business.
By having an up to date Will, you guarantee peace of mind and clarity for you and your loved ones.
During these difficult times our Town Gate office in Basingstoke is temporarily closed to visitors unless by prior appointment when meeting in person is essential. However, thanks to our lawyers being able to work remotely, Phillips remains fully open for business and can discuss Wills and Probate issues or any other legal matters by telephone and video conference.
This article is current at the date of publication set out above and is for reference purposes only. It does not constitute legal advice and should not be relied on as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action.
Please call us or email and we’ll get back to you as soon as possible.
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