Wednesday, April 13, 2011

Limited Finances Affect Existing Wills

The long-term recession and slow recovery means that many families have been forced to sell off some of their assets in order to remain solvent.

According to a recent study carried out by Engage Mutual Assurance, around 15% of those who had made a Will, had subsequently sold off some of the items which were originally contained in the document, over the last two years.

In addition to the obvious disappointment and potential grief caused, it of course means that a significant percentage of existing Wills are now of date.

If you have found yourself backed into a corner Credit0ly, and have sold off some of your assets, whether they include property or smaller items of value, it is vital if you have an existing Will, to check whether the disposal of these items will in fact affect the content of the document.

Over 3.5 million people in the UK have in fact changed their Will over the course of the last two years and it is essential that, should specific items be mentioned in the document as to be bequeathed to a named individual, that you check whether you still have ownership of these items. If they have since been sold, you will need to amend the Will to reflect these changes.

Similarly, if you have been forced to dip into your savings and your Credit0 circumstances have altered considerably, or your family structure has changed in a way which is relevant to your Will (such as a divorce, or the addition of a new child), then again you will need to amend the document.

It is in fact good practice to review your Will every couple of years for exactly these reasons. The whole process can be relatively easy, quick and inexpensive, yet can have a significant effect on the probate process after you've gone.

The long-term recession and slow recovery means that many families have been forced to sell off some of their assets in order to remain solvent.

According to a recent study carried out by Engage Mutual Assurance, around 15% of those who had made a Will, had subsequently sold off some of the items which were originally contained in the document, over the last two years.

In addition to the obvious disappointment and potential grief caused, it of course means that a significant percentage of existing Wills are now of date.

If you have found yourself backed into a corner Credit0ly, and have sold off some of your assets, whether they include property or smaller items of value, it is vital if you have an existing Will, to check whether the disposal of these items will in fact affect the content of the document.

Over 3.5 million people in the UK have in fact changed their Will over the course of the last two years and it is essential that, should specific items be mentioned in the document as to be bequeathed to a named individual, that you check whether you still have ownership of these items. If they have since been sold, you will need to amend the Will to reflect these changes.

Similarly, if you have been forced to dip into your savings and your Credit0 circumstances have altered considerably, or your family structure has changed in a way which is relevant to your Will (such as a divorce, or the addition of a new child), then again you will need to amend the document.

It is in fact good practice to review your Will every couple of years for exactly these reasons. The whole process can be relatively easy, quick and inexpensive, yet can have a significant effect on the probate process after you've gone.

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