Have you written your Will?

A knock on effect of the credit crunch is that Wills written in healthier economic times are going out of date and thousands could be in urgent need of updating.

With home values plummeting and other investments struggling, many assets in a person's Will have lost value. Those wanting to leave friends and family in a secure position after they pass away might find that what they have left in their Will has considerably less value than when their solicitor wrote it.

A recent survey into Wills showed that 57% of people do not even know if their Will is up to date, which is a worrying statistic. It is worth checking it every few years and getting your solicitor to update it where necessary.

A Will is the one document that covers absolutely everything that you own and is important to you, so it needs to be watertight, cover all eventualities and not be at risk from being contested.

The research also revealed that 22% of respondents over 65 did not know if they had an up to date Will, while worryingly 42% of those widowed, divorced or separated did not know if they had an in-date Will.

It is not just a loss of income, or drop in value of other assets which might prompt a change of your Will. Even in healthier economic times, buying property, divorcing or starting a business should be a signal to update a Will.

Making a Will should not be seen as a one off process. It is essential to keep updating it whenever your circumstances change and could have an effect on what is left to loved ones.

Michael Micklethwait, Solicitor at Humphries Kirk. For more information on legal services Bournemouth from litigation law advice to contacting a specialist personal injury lawyer Humphries Kirk can provide expert advice.

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