Writing a Will is a task that most people know is important. We know that putting a Will in place saves our family and loved ones from a great deal of anxiety and trouble after you have passed away. There is never a situation where not having a Will is a better plan than having one. But you may be wondering how to write a Will without leaving your home, during the COVID-19 pandemic.
A Will is something that never seems to make it to the top of the ToDo list. In fact, most surveys put the number of UK adults without a Will at about 60-65 percent. Of those that do have a Will, many are not kept up-to-date.
But we are now living in very unusual and uncertain times. During the COVID-19 pandemic an increasing number of people are finally getting Will writing off their To Do list. At LegalWills.co.uk we have seen a dramatic surge over the last 8 months in the number of people preparing their Will.
But although COVID-19 has made people more aware of the importance of writing a Will , it has presented it’s own challenges with tiered lockdowns and family bubbles.
But there has been some changes in the law to help people prepare their Will during a pandemic. So the question remains:
Is it possible to write a Will without leaving your home?
Most people don’t have a Will. And of those who do, many are not kept up to date. We often hear from people who prepared a Will decades ago, sometimes before they had children. They have a sense of knowing that their Will is in place, but they know in their heart that the Will is out-of-date, and probably doesn’t reflect their wishes. They need to update a Will, but they are not sure how to do it in the most cost effective way.
Unfortunately, the traditional approach to writing a Will is expensive and inconvenient. The same applies to updating a Will. The reason why people don’t update their Will is that same reason that most people don’t have a Will at all – there simply isn’t the time to get it done.
Fortunately, there are now a number of options to making sure that your Will is up-to-date.
When do I need to update my Will?
1. If your Will is automatically cancelled.
There is only one situation where your Will ceases to function (other than the document being destroyed) – If you get married, and your Will was written before you got married (unless the Will specifically states that it was written in contemplation of marriage).
Six Common Estate Planning Mistakes
Estate planning is a critical part of financial planning, but a task that often never quite makes it to the top of your To Do list. Having your final wishes clearly set out can relieve your loved ones of unnecessary stress and financial burdens. To help you along your estate planning journey we have listed 6 common mistakes that anyone can make when writing a Will.
Mistake #1: Assuming that Wills are only for the wealthy
According to a recent YouGov survey, nearly two thirds of the British adult population do not have a Will. Continue reading
Digital Assets – What You Really Need to Know
Have you thought about how your digital assets would be dealt with after your death? It is something which you can easily overlook when you are making a Will. It is easy to think about houses you own, bank accounts and personal property. However, digital assets are often overlooked. This can be a huge mistake with serious consequences. Digital asset estate planning has become an essential part of the process of making a Will.
The age of the internet has brought us many things. Online banking, Facebook, eBay, Instagram, Cloud Computing. These are just a few of the many assets of the digital world which were unheard of not so many years ago. We used to make provision for who would get our photo albums when we died, but now we have potentially hundreds of thousands of files in the cloud. It is a whole different world that we live in now.
Digital assets and your Will
Digital asset estate planning is now relevant for most people making a Will. Your digital legacy will live on way past your death. In theory, your digital assets will live forever. It is vitally important that you consider digital asset estate planning when you are making your Will. Continue reading
You may have heard of the term “estate plan”. Perhaps you know it has something to do with your Last Will and Testament. But what exactly is an estate plan and how do you set one up?
In short, an estate plan is a set of documents that allow you to control your health and financial affairs when you are alive, but unable to handle them yourself, and also take care of your financial affairs after you have passed away. There are five classic documents that form a complete estate plan, but two additional documents that we feel, in 2016, that you should add to round out your plan.
They key word here is “plan”. These documents all allow you to describe what will happen if you are unable to take care of things yourself. You name individuals to take on your responsibilities and provide them with clear instructions on what to do. Which means that you can only prepare these documents when you have full mental capacity. You cannot wait until you no longer have capacity. If this ever happens to you, through illness or accident, it is then too late to prepare any of these documents.