Whilst lockdown restrictions in the UK might be beginning to ease, the impact of COVID-19 is still being felt by a great number of people. In fact, research conducted by Handelsbanken Wealth Management indicates that the pandemic has motivated a third of its 1,000 participants to draft a new Will or update an existing one.
With furloughing and redundancies causing a lot of financial uncertainty, it has been reported that around 81% of participants believe that people will sort out their financial affairs as a result of the pandemic. Furthermore, 83% felt that it would lead to people drafting new Wills. Additionally, 10% believe that the inheritance they had originally planned to leave would be smaller due to COVID-19.
The head of wealth management at Handelsbanken, Alex Spreckly, reported that:
“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.”
At Poole Townsend, we are seeing an increase in requests for alternative consultations and meetings. Whether it’s over the phone, video links or meeting clients in their gardens, our teams are working proactively within social distancing guidelines to sort their Wills. Visit our Wills and Probate page to learn more.