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Wills being changed as recession bites

People are increasingly turning to wills and inheritance tax planning advice because of the recession, it is claimed. Over 3.5 million people have changed their wills in the last two years, according to a survey from Engage Mutual. Many of these people are doing so because they are selling off assets to raise cash to live on as a result of the recession, or having lost their job. Family fall outs, family additions, changes of residence and selling off assets are the main causes for people seeking advice from a probate solicitor service. The study found that while around half of the UK adult population has made a will, a third are fearful that they will spend everything they intended to leave by the time they die. Karl Elliott from Engage Mutual said: "Wills are an important part of life planning and are there to ensure that your wishes are carried out when you die. "It can be a complex process, and sometimes life's twists and turns can make it more so." The news comes after corporate and personal insolvency body R3 found that four in ten people in the UK are struggling to make ends meet. Posted by Gaby Hamerton
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