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Law Society Issues Warning

A recent statement from the Law Society warns the public that the current financial crisis may mean that many wills are now out of date. The press release for the Law Society states that the current financial situation along with the housing slump means that many wills are out of date and will need to be redrawn. They point out that provisions made in more prosperous times may no longer be appropriate. With home values falling and other investments struggling many assets contained within a person’s will have lost value. The President of the Law Society says that “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”. Where assets have shrunk in value like this they may not be sufficient to achieve the desired result. Many clients use the home for tax planning and with values decreasing these provisions may no longer be appropriate. It is also a possibility that the changing value of cash, property and shares mean that some beneficiaries may receive a larger or smaller proportion of the estate than anticipated. It may be necessary to change the will to redress this balance. The Law Society advises that anyone who has not looked to update their will recently does so and changes it to reflect their current financial position. In this climate reducing the tax burden on assets left to family and friends provides and even more relevant benefit.

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