Pandemic prompts one-third of UK to draft or amend will

The coronavirus pandemic has already prompted a third (33%) of people in the UK into either drafting a new will or amending an existing one, according to a new study from Handelsbanken Wealth Management.
Handelsbanken suggested that the crisis is having a wider effect by making families more open with their finances, with 78% of people believing the pandemic will lead to more conversations about inheritance planning within their families.

The research, conducted in April with more than 1,000 respondents, also indicated that not everyone has been affected, however. More than a fifth (22%) of people said they do not have a will, and do not plan to draw one up. Around one in 10 indicated they believe doing so would be tempting fate.

Furthermore, around 81% of respondents still believe coronavirus will convince people to sort out their financial affairs, while 83% said it will trigger people into drawing up new wills. The research also found that as many as one in 10 believe COVID-19 will mean the inheritance they are able to leave to their family will be smaller than originally planned.
Handelsbanken head of wealth management, Alex Spreckley, commented: “Coronavirus is having a devastating impact on the UK and the world not only in terms of lives lost, but also in terms of the livelihoods and finances of countless families, which have been gravely impacted.  
“It is now more important than ever to ensure that families are getting their financial affairs in order.  Speaking to a financial planner ensures that all bases are covered and family members are looked after. Having a watertight, up to date will in place can bring peace of mind to you and your family.
“There are a number of life triggers that should be at the front of everyone’s mind when it comes to writing or amending a will. These include a death in the family, marriage, new members – be they step or adopted children – or significant losses or purchases such as a new house, to name a few.”

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