In March 2020, as the UK grappled with the onset of the COVID-19 pandemic and the uncertainties it brought, there was a noticeable surge in the number of people rushing to write or update their wills. Suddenly, faced with the stark reality of mortality, many felt compelled to take action and ensure their affairs were in order. A survey conducted by The Law Society in June 2020 revealed that 7% of respondents had made or updated their wills during this time, with more key workers—those on the front lines of the pandemic—taking proactive steps to protect their futures.
While these figures may seem modest, they mark a significant shift in behavior considering the traditionally low rates of will-making. The Law Society's president, David Greene, emphasised the importance of this trend, noting, "It is hugely encouraging so many people have made Wills during the first UK lockdown." However, despite this encouraging uptick, the majority of the UK public still lack an up-to-date Will.
In the same survey, it was revealed that 56% of respondents had not made a Will at all, while only 29% had a Will that reflected their current intentions. Many cited reasons such as not having anything of significant value to pass on or feeling too young to consider making a Will. However, the reality is that a Will encompasses far more than just material possessions—it includes everything from property and savings to digital assets and personal possessions. Making a Will isn't just about wealth; it's about ensuring your wishes are honored and your loved ones are provided for, regardless of your financial status.
One common barrier to making a Will is the perception that it's a time-consuming and expensive task. However, with proper planning and guidance, the process can be straightforward and relatively quick and doesn't need to cost the earth. Taking the time now to write your Will can alleviate stress and uncertainty for your loved ones in the future, while also potentially reducing the impact of inheritance tax and other costs.
With numerous options available for creating a Will, it's understandable that the process can feel overwhelming. Many individuals opt to work with a professional, such as Toucan Law, to ensure their wishes are accurately recorded and legally binding. Professionals can provide invaluable guidance and expertise, helping you navigate the complexities of estate planning with confidence.
In conclusion, the COVID-19 pandemic has served as a wake-up call for many of us, highlighting the importance of preparing for the unexpected. Making or updating your Will is a crucial step in safeguarding your family's future and ensuring your wishes are honored. Don't wait until it's too late—take action today to protect what matters most.
Ready to take control of your future and safeguard your loved ones? Contact us today to schedule a FREE consultation and start the process of making or updating your Will. Don't delay—your family's peace of mind is priceless.
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