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16/09/2009
Trusts 'a vital safeguard for wills' |
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There are many benefits to making a will, but those wanting to ensure their wishes are respected should consider using trusts to back up the document.
Director of independent financial advisory firm Ark Financial Planning Phil Perry said that wills are a valuable way of ensuring those the deceased wants to inherit will do so, but noted that the document is open to being contested legally.
He suggested: "In the majority of cases I would say if you are making a will, there is an important factor that an individual should consider putting things under trust as well."
This would make it legally uncontestable, Mr Perry added.
He went on to state that people do not necessarily have to update their wills periodically, but should do so if their circumstances change.
Managing director of Alan Steel Asset Management Stephen Forbes recently wrote in the Aberdeen Press and Journal that many of the people who die without a will do so because they wrongly assume their family will automatically get all the money.
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