Writing a will 'not necessarily about wealth'

Individuals should consider writing a will for reasons other than protecting their wealth, one expert has noted.

Wills are not solely about finance, explained Brian McMillan, director-general of the Society of Will Writers, as they are more about providing for loved ones after death.

"There are a lot of reasons why you should write a will and that doesn't always necessarily mean that you have got to have a high net-worth estate," he continued.

Mr McMillan highlighted that by writing a will, people can be safe in the knowledge that their estate will be administered in a "cost-effective and speedy manner", therefore alleviating strain on friends and family.

Research from Standard Life recently found that 60 per cent of people between the ages of 35 and 44 do not have a will in place. For the over-65s, this figure falls to 22 per cent.

Published on: May 4, 2011

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