Writing a will ‘essential to financial planning’

Posted 06/09/2009

People have been reminded that writing a will should be considered a critical part of financial planning for their families’ and dependents’ futures.

A report in the Guardian has ranked the provision of a will as the most important component of smooth and efficient estate planning, as failing to write one can leave families burdened by financial complications.

Those planning for their futures are therefore reminded to ensure they have selected executors for their estates, as well as checking that their families are aware of where the will is kept.

This comes after the National Consumer Council revealed that nearly two-thirds of the UK population have yet to make a will, leading article author Kate Hilpern to highlight the crucial role they play.

She said: “Making a will is the only way to ensure that your wishes are granted speedily and without unnecessary financial burden or fuss.”

This echoes advice provided by financial adviser Alan Steel Asset Management in the Press and Journal last week, which suggested that wills were essential to avoid being adversely affected by rising inheritance tax rates.