Benefits of Making a Will
Don t leave your wife and kids with extra expense and complications.
Individuals who die without an up to date will, or intestate, leave costs and worry to their loved ones and often gift thousands of £’s to the Nation 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 specially important if you are not married to your partner, because the law does not accord partners the same 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 or assets that were not jointly held (although the Law Commission has lately suggested to change this).
Creating a will is also critical if you have children, as you can nominate guardians to care for them.
It is vital to create a list of investments, property and debts and their approximate worth. Include your property, investment, savings, insurance policies and pensions.
In addition, consider details of personal legacies. Merely telling a relative that an item will be his or hers one day could cause problems later.
You should receive professional advice on estate planning as part of writing your will. Simple steps could save the beneficiaries of more prosperous homeowners thousands of pounds in tax.
A key element of creating a will is the appointment of executors to ensure that your will instructions are carried out correctly.
You should also your will every five years or so and whenever your circumstances are altered by a significant life event, such as wedding, split up or a birth or death in the close family. Another instance would be after a house purchase or move.
Whoever constructs up your will, make sure one copy is kept safe or deposit one with a probate registry.
Consilium supply inheritance tax planning advice in Bath
