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Payment protection: Wills important 'for everyone'

People who are currently trying to obtain PPI refunds should consider making a will, as an expert has said it is important everyone does this.

Brian McMillan, director-general of the Society of Will Writers, explained that it is important to have a will no matter how much money you make as they are not necessarily about personal wealth.

He said: "Wills aren't necessarily always about wealth, they are not always about tax, they are about appointing guardians, they are [about] ensuring that those who you love are provided for when you die, so that your estate can be administered in the most cost-effective and speedy manner."

Mr McMillan added that the majority of people should have a will for some reason.

His comments follow research by pensions, savings and investments firm Standard Life, which revealed that more than half (51 per cent) of adults in Britain do not have a will drawn up.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.

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