COVID-19 AND WILLS
DO YOU NEED TO CHANGE, UPDATE OR WRITE A NEW WILL?
With the global crisis of the COVID-19 pandemic a lot of people have realised their own mortality, which has made them think about their wills. This means that a lot of lawyers have been called up to write them up or make changes to already existing ones. Here are some things to think about for yourself when it comes to the need of you having a will and keeping it up-to-date.
Whether there is an ongoing global pandemic or not, you should have given some thought to what you want to happen to your belongings and valuables when you pass away. It is also important to think about it at regular intervals, as your estate might have dramatically changed from the last time you updated your will, or you wish to change how you want it divided. Other things can also alter what you want to be done when you pass away, and your will is your last moment to have your say. Remember that your will is not necessarily only telling people how you want your belongings divided, but can also contain your burial or cremation instructions, appointment of legal guardians of minors, nomination for who is to administer the estate, can help avoid family members arguing and/or family provision claims. You can also leave last gifts within your will, by nominating individuals to receive certain things of yours after your death. It also makes sure that your assets go to the people you want to have them, chosen by you.
If you do not have a will at all, you should think about whether that is something you should be getting. The easy answer is yes, you should if you have any assets. What it should look like, how to divide it and what specifically should be in there you can consult your lawyer about. If you already have a clear vision of what you want it to look like, you just tell your lawyer and they will help you draw up the will in accordance with your wishes. Remember that you can alter it in the future if your circumstances change, but you still want to have it done with the intention of keeping it that way.
If you already have a will, think about what your will looks like at the moment, and whether that still reflects what you want to happen in the case of you passing on. Reasons to look into updating your will include;
If your estate has changed dramatically in any direction, or you have acquired a lot of new possessions that are not accounted for in the will, you might want to look into making alterations, and unless you have a clear vision of what you would like those changes to look like, consult your lawyer.
If you get married, enter a civil partnership or enter into a de facto relationship, especially if there are children from previous relationships from you and/or your partner. Change in relationship status affect what happens to your estate in case you do not have a will, and your will is invalid when entering a marriage or civil partnership until updated and validated.
If you get divorced, separated, end a civil partnership or de facto relationship. This can affect your will, and gives a reason to revise and update it.
Your executor or beneficiaries die. This gives a reason for updating your will, as it will no longer be possible for them to execute or benefits from the will. Understandably, this will not be your first thought upon getting the news of their death, but is something to consider when you can.
Children or grandchildren are born. This can affect how you want your estate divided, and gives cause for updating your will in accordance with this new family situation.
Whether or not to have a will, and how often it is updated is not directly affected by the COVID-19 pandemic, and rules surrounding it has not changed in relation to it. It has on the other hand caused people to think more about it and realise their need of having one, or for updating an existing one.
Do you need to write a new will? Or you already have one but need to make alterations to it? Feel free to contact us, and we will help you make sure you have a will that reflects your wishes for when the unexpected happens.
