One result of the credit crunch and recession is the falling value of personal estates that is making it more important than ever that people update their wills.

According to local lawyer Teresa Ruddock of Bakewells in Derby, “Many people are seeing the value of their savings diminish significantly, sometimes making it impossible for their wishes to be fulfilled after their death.

“Take the example of someone who makes a will that includes a number of specific bequests, but who also wishes to leave the bulk of their estate to their surviving spouse or other relatives. In a number of recent high-profile cases, the value of those bequests has unexpectedly swallowed up the lion’s share of the shrunken estate, leaving far less than intended for the person or people who were meant to be the main beneficiaries.”

This is not the only impact that the credit crunch is having on estate planning. “Even more people than usual are failing to make wills at all, seeing it as an unnecessary expense at a time when they are concentrating on what they see as more immediate financial needs,” Teresa continues. “The reality is, though, that inheritance disputes are rising at a phenomenal rate, often meaning real poverty and misery for the loved ones left behind. It is very easy to avoid this situation.

“Failure to draw up a will and make provisions for your partner or children will undoubtedly lead to unnecessary legal costs in re-distributing an estate after death.”

Making or changing a will is usually a straightforward affair, which involves a meeting with a solicitor who ensures that your wishes are accurately represented with no room for misinterpretation.

According to Teresa, “The costs involved are minimal in comparison with the heartache that not taking action can cause. Call our wills and estate management experts on 01332 348791 to find out what is involved and how much it will cost.”