Credit Crunch reaches beyond the grave

Cheshire probate solicitor Carl Marston believes that the deepening economic gloom is likely to affect many people who may have made future plans for the financial security of their loved ones.

“Plummeting house prices, the weakening pound and record low interest rates are likely to dramatically affect the value of a persons estate which they intend to leave loved ones after they die,” said Carl Marston of SAS Daniels LLP, Cheshire’s biggest law firm, with offices in Stockport, Macclesfield, Chester, Congleton and Bramhall.

“Over recent years the booming economy and rising house prices have lead to a significant growth in people making wills with the intention of reducing their potential inheritance tax liabilities.

“At the time the assets may have far exceeded the inheritance tax threshold changes introduced to allow spouses to use each others unused IHT allowance – but the current economic climate means that the provisions in these wills may be unnecessary.

“I would usually recommend that people review their wills at least every five years or if their circumstances significantly change, however, in view of the rapid depreciation of assets it could well be worth seeking a review on an annual basis until the economic situation improves.”

There is still a large percentage of the population that die without having made a will – so now is a good time to make one. This is especially true if the person has a partner but is unmarried or is not in a civil partnership as assets may be passed to more remote family members or even to the Crown.

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For more information contact Carl Marston