We are currently experiencing one of the most difficult periods in recent history as a result of the pandemic, and the death toll from coronavirus continues to rise. As a result, people have been forced to confront their own mortality. This has prompted people to consider writing a Will or updating an existing Will. As a result, the number of people seeking assistance in drafting a Will has risen dramatically in recent years. In the past, drafting a Will was usually near the bottom of people’s priority lists; however, people are now realising the importance of having certain things in place to ensure that everyone is taken care of after they pass away.

When drafting your Will, there are a few things to keep in mind; these are usually related to major changes or developments in your life. When you get married, this is a good example. If you had a previous Will in place when you married, it would be automatically revoked, and you would be required to make a new Will. Furthermore, having children is an example of a major change in your life that not only changes the situation and state of your Will but also that of other people, such as grandparents, who may wish to accommodate the new grandchild in their will.

Many people died as a result of the pandemic, and this has resulted in them leaving inheritance to relatives and friends, which will change their estates and financial situation. At that point, you should sit down and review your own situation, consider how your Will can be improved, or consider getting one in place if you do not already have one. Another reason you may change or consider making a Will is to plan for possible future events. For example, if you divorce or separate from your partner, you may want to ensure that your assets pass only to those you want to benefit from your estate.

I’ve listed a variety of reasons why a Will might be useful to you below:

• You have the option of naming executors and trustees to administer your estate.
• You can appoint guardians for any children under the age of 18, avoiding costly court proceedings and potential family squabbles.
• You can ensure that your loved ones are financially secure.
• You can create life interest trusts to ensure that your spouse/partner can continue to live in the family home.
• A protective trust can be established to ensure that beneficiaries do not lose their right to receive means-tested state benefits.
• You can protect assets for your surviving spouse/partner from the liability of care fees.
• You can use tax planning tools to lower your inheritance tax liability, allowing your beneficiaries to inherit more from your estate.

At MWQ Estate Planning, we provide a free consultation during which we will discuss the client’s family, financial circumstances, and what they want to achieve, as well as whom they want to protect and benefit from their estate. Following our consultation, we will provide a comprehensive list of options for their Will and Estate Planning needs, giving the client time to consult with their loved ones before returning to us with their preferred course of action.

We want to make creating a Will as simple and painless as possible, as it could be one of the most important things you do in your life. Contact our team today for help and advice on making a Will or for more information on the process.