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26/09/2008
Wills unpopular with older people who have fixed incomes |
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Making a will is not something that many older people consider doing, it has been suggested.
According to Exclusively Wills, fixed incomes and a lack of assets can put those in older age groups off of creating a will.
Managing director Paul Gachet suggested that the ensuing effects of the credit crunch have had some part to play in this, as rising fuel and food costs are making people more cautious with their spending.
He said that while "quite a few people in the middle ages" do make wills, it is usually because they have been encouraged to do so by a financial advisor.
"It's not something they will do themselves," he commented.
Mr Gachet did, however, observe that young people who have recently started families tend to make a will.
This is because having children "spurs them on", he said.
According to the August 2008 HFM Columbus Retirement Survey, 59 per cent of people are worried about inheritance tax.
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