Has The Recession Taken A Bite Out Of Your Inheritance?

Nov. 13, 2009 - PRLog -- Frances Kelly, Senior Partner at Tallents Solicitors, explains why the recession means everyone should be reviewing their wills.

“Rapidly falling house prices, volatile share prices and decreased investment values are all likely to have a detrimental effect on the size of your estate. This in turn will reduce the value and significance of the assets that you could pass on to beneficiaries. As the economy continues to worsen, what you intended to leave behind might be greatly reduced.”

Frances continues,

“We are strongly recommending that our clients take time to review their wills and reconsider the distribution of their estates, based on their assets and liabilities at this time. Provision in the will for beneficiaries can be adjusted to reflect current asset values. Alternatively, we can redraft the will to include greater flexibility by using trusts or percentage shares so as to provide for future changes in asset values.”

Married couples and civil partners should especially consider reviewing their wills if they have included inheritance tax planning, so they can rest assured that there remains sufficient provision for the survivor and that the planning will still work as intended.

Frances concludes,

“There is one advantage to be gained from the current economic climate and resulting lower asset values. This may be a good time for clients to consider making gifts when their tax liabilities might be lower. Any assets which have dropped in value now but are likely to substantially increase in value in the future may be particularly suitable for giving away. We are recommending that clients should seek advice from a qualified solicitor before making any such gifts.”

…/ends

For more information, contact Tallents
3 Middlegate, Newark, 01636 671881

www.tallents.co.uk



ABOUT TALLENTS

Established in 1774 and with offices in Newark, Mansfield and Southwell, Tallents Solicitors services the legal needs of private individuals, company and commercial clients and farmers in North Nottinghamshire and Lincolnshire.

We still offer a personal service to our clients and our size and structure ensures that partners are never remote from our clients. We provide a full range of legal services and our expertise covers all areas of law including:

Agricultural law, criminal law, commercial and domestic property transactions, inheritance tax planning, trust and estate administration, wills and probate, commercial and general litigation, employment law, company and commercial law, intellectual property, matrimonial and family law, personal injury claims and children issues.

In 2009, Tallents celebrates 235 years, having served more than nine generations of North Nottinghamshire and Lincolnshire people. This makes Tallents one of the oldest law firms in the county and possibly the UK.


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