Why is now a good time to make a will
Following COVID, there has been a rise in the number of people making or updating their Wills. As the president of the Law Society of England and Wales, David Greene said “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.” However, the number of people without Wills in place is still significantly high.
Many people are unaware that if they die without a Will (this is called intestate), the law decides how their estate is distributed i.e. who inherits their estate and how much they inherit. Under the current intestacy rules if you are married and have children, your spouse will only inherit the first £270,000.00of your estate, the remainder is then split 50% to your spouse and 50% to your children. Although for some people this may sound ideal, in circumstances where there is a property with a mortgage involved, the surviving spouse may find themselves having to sell their family home. Equally, it is important to remember that other family members, unmarried partners and friends cannot inherit any part of the estate, leaving loved ones with nothing. This often causes chaos, stress and disappointment for loved ones who are already grieving.
It is important to write a legally valid Will with the help of an expert solicitor to ensure that your estate is distributed in accordance with your wishes. Before you think about how to make a Will, you should consider who you would like to inherit your estate, who you would like to look after your children and who you would like to deal with your estate after your death. You can speak to RLK Solicitors’ private client team to ask any initial questions and start the process of writing your Will.