Emergency savings pots must be accounted for in wills and probate

With the harsh economic climate encouraging consumers to build an emergency savings pot, individuals need to remember to create and update their wills to include new assets.

Financial experts are continually advising wage-earners to begin saving to escape debt in the event of financial shock or unemployment.

Yvonne Goodwin, managing director of Yvonne Goodwin Wealth Management, stated: "Everyone should start building their emergency fund as soon as they start working - after all, if they haven't earned money before, then they won't miss it.

"A sensible amount to build is between three and six months expenditure."

However, with younger workers now accumulating assets and established employees beginning to return to saving plans, it is important that wills are updated as wealth and property accrues.

Individuals must also update their wills in light of marriages and divorces, births or adoptions, changes in probate and inheritance laws, or if a beneficiary dies and relationships change.

Published by Jessica Shervin