The number of people enquiring about creating a Will has increased by 70 per cent since the UK began lockdown measures because of the coronavirus pandemic in March, according to research by the deVere Group.
The death of a loved one is a particularly difficult time, and one that you can’t prepare for, but through effective estate planning through the creation of an up-to-date Will, you can ensure that your wishes are carried out upon your death.
Understandably, many people put off planning for the future, but it is essential to ensure that your family and loved ones are bequeathed the assets and possessions you intend to leave to them.
It’s important to set out clearly how your assets will be dealt with and divided between your beneficiaries, with a Will being essential if you wish to benefit grandchildren, stepchildren or your partner if you are not married. A Will is also a necessity if you wish to benefit charities or if you have any family members that have special needs to be catered for.
Naturally, having a valid Will in place is of crucial importance – and this document also needs to be regularly reviewed to ensure that only the appropriate people will inherit in the event of your death and the devolution of your estate is as tax-efficient as possible.
By making a Will, individuals can ensure that:
- Their assets are passed on to those they want to benefit from their estate
- Inheritance Tax (IHT) is mitigated
- Vulnerable family members and friends are protected
- The likelihood of potential family conflicts is reduced
We can ensure that your Will is created to reflect your wishes, and ensure that it is witnessed to comply with the legal regulations around Wills.
For help and advice on matters relating to Wills and estate planning, contact our expert team today.