Consumers 'should not neglect making wills'

People should not overlook making wills as such documents are important, it has been claimed.

Writing in the FT Adviser, PMS development director Martin Reynolds said the unorthodox nature of modern living makes wills all the more necessary.

He suggested that we are presently residing in an evolving world, making the division of assets upon someone's death a difficult issue.

The expert said: "It may look straightforward for many relationships but we live in a very complicated society today and we do not follow traditional convention of married with two children, end of story."

For example, it is not necessarily obvious who someone who gets divorced and then remarried would want their possessions to go to.

He also used the example of a person who has children that are classified as minors, asking what would happen in terms of who would look after the youngsters and administer their trust funds.

Recently, Phil Perry, director of independent financial advisory firm Ark Financial Planning, also emphasised the importance of creating wills, saying they ensure that assets are left to the individuals the deceased had in mind.
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06/10/2009 15:34

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