For many, making a will is something we mean to do but usually sits around the bottom of the to-do list. While many of us have a little more time on our hands than we normally would, and have all been concerned about the impact Covid-19 may have upon our families, our friends, colleagues and businesses, it may provide some comfort to finally complete some of those tasks we never get round to in our normal busy lives, such as making a will.
Here we discuss some of the reasons why making a will is important and how we can help with that.
With so much uncertainty around over the past year, one thing you can make certain is that your estate passes to your loved ones after your death. Creating and putting in place a will allows you to choose what happens to your estate after death and ensures that your loved ones benefit from your estate in the way that you want them to.
Over half of the population of the UK do not have a will and in turn are risking their estate falling into intestacy.
Many believe that following their death their estate will simply pass to their spouse, partner, children or other loved ones, whereas your estate would pass under the laws of intestacy. However, these laws do not provide for modern blended family structures, such as step-children or co-habitants, and can often mean that family members do not receive anything. It can involve additional administration and cost for grieving family members when dealing with the estate.
Having a will gives you the comfort that your wishes can be followed.
Despite most aspects of our daily life being interrupted during this period of lockdown Anderson Strathern are here for new and existing clients. We are available to take new will instructions over the phone, via video call or through email. We are also able to send out wills for signing via post or by email for printing and signing to ensure that your wishes are recorded and correctly put in place. You also do not need to worry about an independent witness being present when signing your will and we can advise how best to deal with this aspect.
You may already have a will in place but when was the last time you reviewed it? Does it still benefit the correct people in your life, or have your wishes or financial position simply changed over time? This may be the time to revisit your existing will and think about any changes that may be required.
We usually suggest that wills are reviewed from time to time, and particularly following a birth, marriage, death or divorce. If your will no longer reflects your wishes we are able to accommodate clients and take instructions to amend, alter and create new wills when the existing one is no longer fit for purpose.
This is a difficult and stressful time for everyone and we are here to help. Use this time to create a will by contacting Carole Tomlinson or one of our Private Client specialists who would be happy to assist.
You may also be interested in the following insight articles:
Our powers of attorney expert, John Peutherer, features in a BBC Radio Scotland podcast, sharing insights about what you should consider before appointing a power of attorney and how you might be able to help elderly loved ones with their finances.