Importance of wills ‘should not be ignored’

Posted 30/09/2009

Consumers looking to take control of their own estate planning have been warned not to overlook the importance of producing and updating wills.

Martin Reynolds, development director for mortgage and ancillary service distributor PMS, has drawn attention to the fact that 70 per cent of people do not currently have an up-to-date will.

According to the expert, this may be because many are simply prepared to allow their families to rely on verbal expressions of intent or trust that their relatives will be able to come to an independent agreement.

However, Mr Reynolds warned against this line of reasoning, suggesting that the increasing complexity of modern familial relationships can mean that arguments can often arise.

Writing for FTAdviser, he therefore called for consumers to provide a will which clearly lays out their wishes, allowing them to be executed smoothly.

Last month, a report in Guardian reminded unmarried couples that it is particularly important for them to produce wills in order to safeguard their partner’s claim to a share of inheritance.