Fear as the deadly coronavirus outbreak spreads has prompted a huge surge in the number of expats wanting to make a will.
Demand for wills has increased 76% in just two weeks, says Nigel Green, CEO of global wealth advisers deVere Group.
He believes the pandemic has focused minds on their financial affairs and what happens if they get ill or die from coronavirus.
In response, deVere Group is starting a free online will service for clients and a discount for any British citizen wanting t draw up a will, costing £15.
“Like too many aspects of financial planning, including retirement planning, drawing up a will is not something that most people rush to do,” said Green.
Frightening death toll
“It remains ‘on the back burner’ until something, such as an illness or a change of circumstances, focuses minds.
“With frightening death tolls and confirmed cases, with more people than ever bravely risking their own health to help others, and with more people with more time on their hands due to social distancing measures and lockdowns, the coronavirus pandemic has had an unprecedented, collective focusing-of-minds effect.”
“In these highly unusual and worrying times, we should all be playing our part.
“Pandemic or no pandemic, the importance of having a will cannot be underestimated – and they’re not just for the elderly.
Peace of mind
“Circumstances can change for anyone at any time and for so many different reasons as this pandemic is, unfortunately, proving to be all too true.
“Having a will gives you the peace of mind of knowing that the rewards of your life’s work – both financial and sentimental value – will be handled according to your wishes.
“You’ll be helping your loved ones avoid going through the burden of unnecessary stress, legal hurdles and potential tax issues during a time of grief. It can help them retain the quality of life you have created together.”
Besides a will, Green is encouraging anyone using his service to consider if they should draft power of attorney for relatives or loved ones too manage their financial affairs f they are incapacitated.