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13/08/2009
Call for new will drafting after recession |
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The credit crunch and recession should prompt people to review their wills, it has been suggested.
Warwickshire-based lawyer Martin Green told the Birmingham Post that wealth has fallen by around 30 per cent and this has led to cases where children get the intended amount but the surviving spouse loses out.
He remarked: "It shows how important it is to keep fully abreast of your affairs, particularly in challenging economic times."
Those wishing to alter their documents to reflect changed financial circumstances may wish to speak to a lawyer with will drafting expertise.
Some of the changes people may wish to make could concern donations to good causes.
Figures from the Cass Business School showed this week that between April 2007 and December 2008 wills in the UK provided £1.9 billion for charities, with the most popular recipient being Cancer Research.
The second most popular charity was the Royal National Lifeboat Institution, while the RSPCA was third.
Written by Laurence Smith
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