IFP: Make a will and keep it up to date

A commentator has noted an important way to control personal finances is to "make a will and keep it up to date".

Writing in the London Evening Standard, Lucy Tobin points out many individuals worry about money, with the proportion rising following economic blows like the global downturn and government spending review.

She reiterates advice from the Institute of Financial Planning (IFP), which states the best way to insure yourself and your estate against unexpected incidents is to create a testament and make certain it reflects changing circumstances, whether this is buying a new property or getting a divorce.

The charity Will Aid recently took action to address the significant proportion of Britons who have yet to make a will, enlisting the help of solicitors who drew up the documents free of charge in return for a donation.

Mirror wills were offered as part of the scheme, allowing couples to jointly nominate executors of estates, as well as guardians for dependents and individual benefactors of assets.

Published by Phil Hammond