02.21.10
Should I Make a Will?
Don t leave your wife and kids with additional costs and complications.
People who die without a valid will, or intestate, leave complications and costs to their family and often gift lots of money to the Country in what may be avoidable Inheritance Tax (IHT).
The Law Society says that anyone with assets and family or friends should make a will, irrespective of their years. It is especially important if you are not married to your partner, because the law does not accord partners the same rights automatically of inheritance as spouses.
Assets which are owned jointly by unmarried partners on a joint tenancy basis would still go to automatically to the existing partner under the rules of survivorship. Under the current intestacy rules, an unmarried partner has no rights to property that were not jointly owned (although the Law Commission has lately suggested to change this).
Forming a will is also vital if you have minors, as you can nominate guardians to care for them.
It is vital to make a list of investments, propert and debts and their approximate worth. Include your house, investments, savings, insurance policies and pension.
In addition, consider details of specific bequests. Simply informing a relative that an item will be his or hers one day could cause upset later.
You should get professional advice on estate planning as part of writing your will. Easy measures could save the beneficiaries of more well-to-do householders thousands of £’s in tax.
An important component of creating a will is the naming of executors to ensure that your will instructions are carried out.
You should also review your will every or so and whenever your circumstances are changed by a important life event, such as marriage, split up or a birth or death in the immediate family. Another example would be after a house purchase or move.
Whoever prepares up your will, make sure more than 1 copy is kept secure or deposit 1 with a probate registry.
Consilium offer inheritance tax planning advice in South Gloucestershire
