According to the Law Society the number of people seeking to write new wills has increased by 30% due to the pandemic.The current situation is causing angst among people, understandably.
It’s estimated that more than half of British adults have not made a Will. If you have property, investments, have a business and/or children it is extremely important to have a valid Will. A valid Will allows you to determine how your estate (what you leave behind) is to be distributed. Having one made in good time can also help reduce or in cases eliminate entirely inheritance tax (IHT).
Death with No Will
For those that pass away without a Will, their loved ones may have to pay a larger amount of IHT than necessary. Furthermore, for those without a Will the laws of intestacy apply. This means the Law decides who gets what of your estate. This may be against your wishes so its best to have a Will and ensure it is clearly and well drafted.
People with minor children
For those with young children, it is especially important to have a Will so there is clarity as to who will look after them for when the worst should happen.
Peace of Mind
For peace of mind it is best to look at having a Will drafted. Please contact us to find out more.