The credit crunch is making wills written in healthier economic times out of date and in urgent need of updating, says the Law Society.

With home values plummeting and other investments struggling, many assets in a person's will have lost value.

Paul Marsh, President of the Law Society, says:

'Those wanting to leave friends and family in a secure position after they pass away might find that what they have left in their will has considerably less value than when their solicitor wrote it. With homes losing value people may need to look again at their wills especially if they have included tax planning provisions which are no longer appropriate.

'The same goes for shares and other assets. The value of the assets in a person's will might have fallen significantly since it was drafted and so the will may need to be rewritten.

'It is essential that anyone with a will who has not looked to update it recently goes to their solicitor to review it and, if needs be, change it to reflect their current financial situation.

'A solicitor is best placed to advise on any necessary amendments, as well as provide guidance on tax planning. Reducing the tax burden on the assets you wish to leave in your will has an even more relevant benefit for your family and friends in the current economic climate.

'If you do not have a will, now would be a good time to write one or risk leaving friends, families or other intended recipients of your assets with nothing.'

Notes to editors

Find a solicitor to write a will at www.lawsociety.org.uk/findasolicitor.

To find out more about making a will and how solicitors can help with common legal problems visit www.lawsociety.org.uk/commonlegalproblems.

Journalists can contact the Law Society press office on 020 7320 5764.