As the pandemic pushed the annual death rate above average, research has found that it did prompt people to make a Will.
A survey entitled the UK Wills, Trusts and Probate Market Report 2020 conducted by market research consultancy IRN Research found that of those with a Will, 4% had made it because of the coronavirus situation.
The survey calculated that as 36% of adults have a Will in place and the adult population of the UK is 53 million, then a total of around 19 million have a Will.
The main reason cited by most people for making a Will was simply peace of mind, with 67% giving this answer. 49% wanted to ensure their estate would be distributed as they intended after their death. 36% of those questioned said they made a Will to secure the future of their family, with 35% making a Will when they had children.
In fact, there are many good reasons to put a valid Will in place, including the following.
To ensure your estate goes to those you wish to benefit from it.
If someone dies without a Will, then their estate passes under the Rules of Intestacy to close family members. For example, if someone is married and has children, then the first £270,000 of their estate, plus all of their personal possessions will go to their spouse together with half of the remainder of the estate. Their children will share the remaining half of the estate equally between them upon reaching 18 years old. This could result in your children or your partner receiving less than you would like them to have.
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