Making a will 'is a vital investment'

by Sarah Ashcroft

Individuals who are considering making a will but have failed to do so in a bid to save money during the current economic climate could rethink their decision after one industry expert suggested this may not be the best option.

According to Paul Sharpe, chairman at the Institute of Professional Willwriters - which promote the importance of creating the document to the general public - when viewed in terms of the time and expense saved when compared to what happens when people die without it, the plan is not expensive and "it's an investment".

Mr Sharpe urged individuals who have not made a will to consider that doing so ensures an equitable distribution of their estate - something that government laws "rarely manage to do", as they do not account for things including second marriages, step children and ownership of foreign property.

He went on to suggest that even if a few hundred pounds is spend on making the document, this is much less than the cost of certain luxury items - including flatscreen televisions or smartphones - which are commonplace in peoples' homes.

However, the expert also claimed the legal proceedings may not be a necessity for everyone.

Mr Sharpe explained: "If your only assets - including any property - are valued at less than £5,000 and you are not married, don't have children or step-children and you are not bothered who inherits your estate, or how much hassle and expense they have to go through if something should happen to you - then you probably don't need to make a will."

The government urges all adults to create the official document to ensure their assets are distributed as they wish when they die, otherwise they may be given out according to the law rather than an individual's own personal wishes.

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Published on: September 5, 2012

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