Wills ‘are vitally important’

Posted 04/06/2009

People in the UK have been urged to ensure they write a legally-binding will before they die.

According to wealth protection specialist Caroline Wallis, not having a will can have “disastrous” consequences for the deceased person’s relatives.

Speaking to the Guardian, she said that if someone dies without a will, the state can claim a large chunk of their assets, as it does not automatically pass to relatives.

“Making a will is vitally important,” Ms Wallis insisted.

“This remains a vital part of financial planning to reduce the risk of leaving unintended bequests to the state.”

Ms Wallis added that people should consider a number of issues when drawing up a will, such as whether the value of their estate will make them liable to pay (IHT).

According to a recent poll by the Times, IHT is currently the second-most unpopular tax in the UK, after council tax.