Published on: 21st February 2022

The Effect of the Coronavirus Pandemic on Estate Planning

At the start of 2020, the average age of someone having a Will written was 58 years old. After the outbreak of the pandemic, however, the average age dropped to 47 years old. The Covid-19 pandemic has brought uncertainty and the threat of illness and death to the forefront of people’s minds for nearly two full years. The increase in Will writing and estate planning has been one positive outcome from this tumultuous time as now more people are prepared for any circumstance.

Thirty percent of adults under the age of 35 cite the pandemic as the main reason they got their affairs in order. The virus has created uncertainty amongst us all creating incentives for people to plan for their and their family’s futures. For many, this has resulted in younger adults creating Wills and Lasting Powers of Attorney (LPAs) to ensure that their loved ones are cared for if they were to unexpectedly pass away or become incapacitated.

Despite the increased number of people writing Wills, roughly two-thirds of British adults still have not begun the estate planning process. Beyond the fear of the pandemic, there are many reasons for people of any age to begin the estate planning process:

Change in Circumstance

People’s individual circumstances are constantly changing, and the two years of the pandemic have only exacerbated this. Whether you have moved in with a partner, got married, had children, lost family members, bought a property, got divorced, or any other number of changes, the creation or update of estate planning documents is important so that your documents are relevant to your circumstances.

Autonomy

The creation of a Will gives the autonomy of deciding where your assets will distribute. If you pass away without a Will, the laws of intestacy are enacted. These rules pass the first £270,000 of the estate to any surviving spouse or civil partner. The remaining assets are distributed 50% to a surviving spouse or civil partner and 50% split equally among children. If you had planned to pass everything to a surviving spouse, everything to children, or include stepchildren, nieces/nephews, friends, etc, this could not happen if you have not yet written a Will.

Guardianship

If you have a child under the age of 18, the creation of a Will not only allows you to determine where your assets will distribute but can also determine the guardianship of a minor child. Without a guardianship clause in a Will, the court would decide who to appoint as a guardian for your child(ren) which could lead to family disputes.

Peace of Mind

Estate planning can provide you and your family with the peace of mind that you are prepared for any circumstance. This is an important yet underrated reason to begin the estate planning process. The creation of LPAs gives you and your family the comfort of knowing that if you were to be incapacitated, trusted loved ones would be able to manage your affairs. Creating a Will means that you know where your assets will be distributed and how your loved ones will be looked after once you have passed away. Additionally, having your wishes explicitly stated in a Will can give loved ones the comfort in knowing that your affairs will be dealt with exactly as you wanted them to be. 

Regardless of your age, if you want to plan for the future, please consider contacting our client services team to book a no-obligation appointment with one of our Consultants to discuss your estate planning by calling 01732 868190 or by using our online form here.

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If you wish to give instructions or require general information about our Wills, Lasting Powers of Attorney, or Trusts then we will carry out a telephone or Zoom appointment. However, if you wish to give instructions to one of our Consultants and you feel that you can only do this at a Face to Face meeting we are offering, at our Consultant’s discretion, a limited number of Face to Face appointments in most of the areas we normally cover (subject to Government advice). To see the areas we normally cover please click here. To arrange an appointment please telephone 01732 868190 or click here.

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