According to financial advisory organisation deVere Group, will enquiries have increased by 76 per cent since the start of the Coronavirus (COVID-19) outbreak in the UK.

Why have will enquiries increased in the UK?

According to various sources, law firms and will writing organisations in the UK have experienced a dramatic spike in will enquiries following recent social distancing and ‘lockdown’ restrictions caused by the Coronavirus (COVID-19).

Coronavirus has prompted a 76 per cent jump in the demand for wills in the last two weeks, according one of the world’s largest independent financial advisory organisations, deVere Group. deVere Group’s CEO Nigel Green claims this is due to anxieties about the increasing number of COVID-19 related deaths, with people’s “minds being more focused” on financial planning for after death.

On the recent spike in will enquiries, Green commented: “Like too many aspects of financial planning, including retirement planning, drawing up a will is not something that most people rush to do. It remains ‘on the back burner’ until something, such as an illness or a change of circumstances, focuses minds.”

He continued: “The coronavirus pandemic has had an unprecedented, collective focusing-of-minds effect.” Green also argues that people have more time on their hands to do financial planning due to the social distancing measures and lockdowns.

Why should you make a will?

There are many reasons why everyone should make a will. However, there two main reasons are:

• You can make sure your ‘estate’ goes to exactly who you want it to - if you live in England or Wales, you are free to write a will that leaves your ‘estate’ (money, property and possessions) to whoever you wish. If you don’t leave a will, the ‘intestacy rules’ will govern how your estate is distributed.
• You can choose who manages your estate - making a will allows you to choose who manages your estate and, if they agree to act, you can speak to them in advance about any priorities or concerns, ensuring that your estate is managed in the way you would want.

See also

How to write a will

A letter of wishes explained

Where should I store my will?

What are the intestacy rules in England and Wales?

Image: Getty Images

Publication date: 1 April 2020