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What Is a Will?
Don t leave your beneficiaries with extra costs and complications.
Individuals who pass away without a valid will, or intestate, result in costs and worry to their family and often gift lots of money to the Government in what may be avoidable Inheritance Tax (IHT).
The Law Society says that anyone with assets and family or friends should make a will, regardless of their age. It is specially important if you are not married to your partner, because the law does not accord partners the same automatic rights of inheritance as spouses.
Assets which are jointly owned 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 property and assets that were not jointly held (although the Law Commission has lately suggested to change this).
Preparing a will is also vital if you have minors, as you can propose guardians to care for them.
It is essential to produce a list of assets and liabilities and their approximate values. Include your properties, investment, savings, insurance policies and pension.
In addition, think about personal bequests. Merely informing a family member that an item will be his or hers one day could cause trouble later.
You should obtain professional advice on inheritance tax planning as part of writing your will. Easy steps could save the beneficiaries of more well-to-do homeowners thousands of £’s in tax.
A key component of preparing a will is the naming of executors to ensure that your will instructions are carried out.
You should also review your will every 5 years or so and whenever your circumstances are altered by a important life event, such as wedding, divorce or a birth or death in the immediate family. Another instance would be after a house purchase or move.
Whoever constructs up your will, make sure at least 1 copy is kept secure or deposit one with a probate registry.
Consilium offer Inheritance Tax Planning services in Bristol
