In 2017, only 39% of adults in the UK said they had a will in place. This increased to 45% in 2018 and has likely jumped even further this year, according to the latest survey figures from The Law Society.
Will enquiries alone have increased by 75% since the COVID-19 pandemic began. One of the reasons for this is that people might have had more time during the lockdown to focus on financial planning matters.
Nigel Green, CEO of financial firm deVere Group, 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, focuses minds. The coronavirus pandemic has had an unprecedented, collective focusing-of-minds effect.”
David Greene, President of The Law Society of England and Wales, 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.”
David continued: “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.
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