Making a Will
Don t leave your family and children with additional heartache and hassle.
Individuals who die without a valid will, or intestate, result in costs and worry to their families and often gift thousands of pounds 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 give partners the same rights automatically of inheritance as spouses.
Property that is jointly owned by unmarried partners on a joint tenancy basis would still pass automatically to the existing partner under the rules of survivorship. Under the current intestacy rules, an unmarried partner has no rights to any assets that were not jointly owned (although the Law Commission has lately suggested to change this).
Doing a will is also vital if you have minors, as you can nominate guardians to care for them.
It is important to make a list of assets and liabilities and their approximate worth. Include your house, investment, nest egg, insurance policies and pension.
In addition, consider details of single bequests. Merely telling a beneficiary that an item will be his or hers one day could cause difficulty later.
You should take professional advice on IHT planning as part of writing your will. Simple steps could save the beneficiaries of more prosperous homeowners thousands of pounds in taxation.
An important element of forming a will is the appointment of executors to ensure that your will instructions are carried out correctly.
You should also review your will every few years or so and whenever your situation 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 buy or move.
Whoever draws up your will, make sure at least one copy is kept secure or deposit 1 with a probate registry.
Consilium provides inheritance tax planning advice in South Gloucestershire
