Should I Make a Will?
Don t leave your beneficiaries with extra worry and complications.
People who die without a valid will, or intestate, result in costs and worry to their family and often gift lots of money to the State in what may be avoidable Inheritance Tax (IHT).
The Law Society says that anyone with assets and family or friends should make a will, disregarding of their years. It is especially important if you are not married to your partner, because the law does not accord partners the same automatic rights of inheritance as spouses.
Property that is owned jointly by unmarried partners on a joint tenancy basis would still go to automatically to the living partner under the rules of survivorship. Under the current intestacy rules, an unmarried partner has no rights to assets and property that were not jointly owned (although the Law Commission has lately suggested to change this).
Preparing a will is also critical if you have minors, as you can propose guardians to look after them.
It is essential to make a list of assets and liabilities and their approximate values. Include your property, investment, savings, insurance policies and pensions.
In addition, think about specific legacies. Merely telling a relative that an item will be his or hers one day could cause trouble later.
You should get professional advice on inheritance tax planning as part of writing your will. Simple measures could save the beneficiaries of more prosperous householders thousands of £’s in tax.
A key factor of establishing a will is the naming of executors to make sure that your will instructions are carried out correctly.
You should also your will every 5 years or so and whenever your situation are altered by a profound life event, such as marriage, divorce or a birth or death in the immediate family. Another instance would be after a house purchase or move.
Whoever prepares up your will, make sure one copy is kept secure or deposit 1 with a probate registry.
Consilium Asset Management supply inheritance tax planning advice in South Gloucestershire
