When Was The Last Time You Looked at Your Will?
In December 2020 the Law Society revealed they conducted a survey during the first National Lockdown of which over 1,000 members of the public took part.
7% of the respondents confirmed that they either made a Will or updated it during the first National Lockdown and 6% of them identified themselves as Key Workers. However approximately 60% of the respondents confirmed that they did not have a Will. Are you part of that 60%?
Benefits of having a Will
Some of the benefits of having a Will or updating your Will are:-
- Providing financial security to your loved ones
- Appointing guardians for minor children
- Avoiding disputes
- Potentially pay less Inheritance Tax (IHT)
- Choosing your Executors
A Will lets you decide what happens to your assets after your death. If you do not have a Will you will die intestate.
Intestate
If you die intestate this means that you have died without leaving a Will and the intestacy rules set out by the government will be applied. This may result in family members, who you do not particularly get along with, inheriting your assets. It is therefore important to have a Will in place setting out your wishes.
You can find out more about writing a Will in our Planning Ahead Guide which can be found on our website here.
If you wish to discuss putting in place a Will, please contact the Wills and Estates Team on 01206 574 431 or email info@tsplegal.com. We are still open for business and are conducting meetings virtually to ensure the safety of our staff and clients.