Wills ‘should be essential no matter what a person is worth’
People should have Wills drawn up no matter what their circumstances and marital status, an expert has warned.
In an article for Consumer Affairs, Fred Yager said it is important to have a valid, up-to-date document in place as early as possible and to review it regularly.
“Whatever your age, marital status or net worth, you need a Will that says how you want your assets distributed,” he pointed out.
Mr Yager recommended getting a lawyer to draft a Will, as they will be able to negotiate legal issues that an untrained person would not.
The expert added that the services of a solicitor can also be used to draw up lasting power of attorney – a separate issue to those covered in Wills – which may provide peace of mind for the future should a person no longer be able to make decisions for themselves while they are still alive.
Mr Yager’s comments regarding Wills echoes sentiment from Alan Tate of Sun Live, who recently advised reviewing the document every five years to cover changes such as births and business acquisitions.
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