Why it is important to have a will
Some estates are worth far less than they were pre-Covid-19
WHETHER you are young with a small estate and very few assets, it is still important to have a will.
This legal document takes into account the current value of your assets and gives instructions on how you wish these to be allocated.
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‘Covid-19 is a good example of how unexpected, life-changing events can radically alter our personal and financial situation.
‘We need to ensure that our affairs are in order, both for those who depend on us and for our own peace of mind,’ said JustMoney Commercial Manager, Sarah Nicholson.
Nicholson shares these valuable tips ahead of National Wills Week, which takes place from 26 to 30 October.
She says a will must be reviewed every five years or when you experience a milestone in your life.
‘The pandemic has not only resulted in personal grief, but also loss of jobs and diminished family income.
Many property and share values have plummeted.
‘This means some estates are worth far less than they were pre-Covid-19 and current allocations may be skewed. Your will should be reviewed accordingly,’ said Nicholson.
‘Having a will in place helps you determine who will receive your possessions when you pass on, and how the distribution of your estate will be managed.
‘The last thing you want is a family fallout with toxic repercussions that will ripple down the generations.’
If you do not have dependents, a will ensures that your hard-earned assets will benefit the people or causes that you support.
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