Wills Quickly Becoming Out Of Date Due To Economic Downturn

The credit crunch is making wills written in healthier economic times out of date and in urgent need of updating, says a top Liverpool legal executive.

Gaynor Lanceley, who works in Morecrofts Solicitors’ Probate, Wills and Trust department in Woolton and is a member of Solicitors for the Elderly, says because of home values plummeting and other investments struggling, many assets in a person’s will have lost value. She said: “People need to update their existing Wills to ensure that the reduction of the assets in their estate is reflected. Some Wills are written to incorporate a number of cash legacies. If there are insufficient funds in the estate then it should be borne in mind that any specific gift is given first (say a gift of a house), then any cash legacies and then the residue of the estate. “If there are not enough funds to pay all the cash legacies then the residuary beneficiaries will not benefit at all from the estate.” Her comments come as the Law Society send out a national warning, stating that people should update their wills as soon as possible. President Paul Marsh, said: “It is essential that anyone with a will who has not looked to update it recently goes to their solicitor to review it and, if needs be, change it to reflect their current financial situation. “A solicitor is best placed to advise on any necessary amendments, as well as provide guidance on tax planning. Reducing the tax burden on the assets you wish to leave in your will has an even more relevant benefit for your family and friends in the current economic climate. “If you do not have a will, now would be a good time to write one or risk leaving friends, families or other intended recipients of your assets with nothing.”

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