Importance of having a Will and keeping it up to date particularly during such troubled times.
The Importance of Having a Will
The Coronavirus outbreak has resulted in significant changes to how we go about our daily lives. The public health and economic crises caused by the pandemic has had many secondary effects, one of which is that we have all been reminded of our own mortality. Since the start of the COVID-19 outbreak, the number of people seeking to write new wills has risen by over 30%, according to The Law Society.
The coronavirus pandemic has made more people think about just how crucial it is to make a Will and ensure it is kept up to date. It has become clearer than ever that this sometimes deadly disease is indiscriminate and unscrupulous. Affecting people of all ages, it has highlighted that making a will shouldn’t be restricted to the elderly or the sick – it’s an important document for all adults as we never know when the worst might happen.
Make sure your wishes are clear
Having a Will in place gives you peace of mind and legal assurance that your wishes will be caried out once you are gone so that you know your family will be taken care of. When a will has been made, it is important to keep it up to date to take account of changes in circumstances, especially at such an unprecedented time. If you die with no valid Will in England or Wales, the law will decide who gets what.
It is advisable for you to reconsider the contents of a will regularly to make sure that it still reflects your wishes.
5 reasons to update your Will:
- Getting married, separated or divorced - It is very important to remember that marriage completely revokes your Will, whilst divorce revokes only those clauses relating to your spouse. So, if you are about to marry or enter a civil partnership, you should make a new Will. If you have separated from your spouse, consider updating your Will because if you die before your divorce is finalised, any existing clauses benefiting your spouse will remain valid.
- Births and deaths - You naturally want to protect your children as far as possible including providing for them after your death. You may have named children as beneficiaries in your current Will, however this will not automatically include further children. You should therefore update your Will where necessary. You may also want to consider appointing a suitable legal guardian for your children in case you die before they reach 18.
- Tax Mitigation - Inheritance tax advice can be provided to ensure you receive all the relevant information before deciding what type of Will suits your circumstances and wishes
- Financial Windfalls - If you receive a large inheritance, redundancy pay-out, or you are lucky enough to win the lottery, you should consider updating your Will. We could discuss with you whether making cash gifts to your loved ones or to your favourite charities to reduce the size of your estate is a good option for you or not.
- Health problems - Our health can deteriorate at any point in our lives. If you become terminally ill or you are seriously injured in an accident and you know your prognosis is poor, making or reviewing your Will can give you peace of mind.
Contact Russell & Russell Solicitors to make or update your Will professionally.
To find out more about making a Will, you can speak to our expert solicitors who will be able to guide you through the process and discuss the most appropriate solution for you and your circumstances. Call 0800 103 2600 or make an online enquiry here.
Our offices are open as usual, and we are happy to provide an initial consultation in the method you are most comfortable with, including phone and video call. For in-person consultations, we will ensure they will be in-keeping with social distancing rules.
Drop in to one of our Legal Advice Clinics
We are also open for consultations every Saturday 10am-1pm at our Newport Street office in Bolton. Address: 39 Newport St Bolton BL1 1NE.
No appointments necessary, just pop in to see us, we will be happy to help.
Make A Will Month 2020 returns in November and Russell & Russell Solicitors will be there to help you create or amend your Will. We will also be working along side Bolton Hospice to help our local community.