News

Don't let the downturn devalue your Will

Release date: 20/1/2009

The economic downturn is undermining thousands of Wills, warns a specialist Trusts' lawyer and partner Mark Dunkley.

Many were written in buoyant times, but as property values fall, pensions, stocks and shares stall, many household assets that form the cornerstone of a Will have lost value and are now woefully out-of-date.

He adds: "The economic turmoil is having a huge impact on the value of assets, leaving many Wills disposing of considerably less value than when they were drafted. Given the value of many homes, pensions and shares are in a downward spiral, Wills need to be carefully scrutinised, especially if they include out-of-date tax planning provisions.

"Anyone with a Will who has not recently updated it is urged to take it to their solicitor to review and, if necessary, alter it to reflect the current financial situation.

"A solicitor is best placed to advise on any necessary tax amendments and provide clear guidance on tax planning. Reducing the tax burden on assets left for beneficiaries has even more relevance in the current economic climate."

Mark Dunkley also urged anyone without a Will to write one to avoid the risk of leaving friends, family or intended recipients, with nothing.