16 Sep Why It’s Important To Talk About Your Will
Although we tend to shy away from conversations about death and our legacy, it’s important that you speak to family and friends when you’re making wills in Cheltenham or wherever you live.
This Is Money recently shared a survey conducted by Co-op Legal Services, which found that many people who wrote their wills during the height of the Covid-19 pandemic have failed to tell their executor that they have chosen them for this task.
An executor is typically a trusted friend or family member and they will have responsibility for carrying out administrative tasks related to the deceased’s will. However, this isn’t a job to be taken lightly, so it’s important to consult the person or people who you would like to be executors of your will.
The news provider explained that executors are allowed to seek professional help with their duties and the cost for this comes out of the estate. In addition, an executor can renounce their duties, but they have to do this before taking on any work in this capacity.
According to the survey, 74 per cent of Brits don’t discuss their final wishes with their loved ones, which includes notifying whoever they have made executor of their estate.
However, the survey also found that among those who have acted as an executor 26 per cent found it stressful and 21 per cent had to take time off work to complete some of the tasks.
Yahoo! recently reported that there has been a sharp uptick in the number of millennials who are preparing wills in recent months. The news provider shared figures from Farewill, which revealed that demand among those aged under 35 in April of this year increased to 12 times the number who wrote a will in December 2019.