Is it Easy to Make a Will?
Don t leave your wife and kids with extra expenses and hassle.
People who pass away without an up to date will, or intestate, result in costs and complications 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 possessions and family or friends should make a will, regardless of their years. It is particularly 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 surviving spouse under the rules of survivorship. Under the current intestacy rules, an unmarried partner has no rights to assets or property that were not jointly held (although the Law Commission has of late suggested to change this).
Doing a will is also critical if you have kids, as you can nominate guardians to look after them.
It is critical to make a list of assets and liabilities and their approximate values. Include your property, investments, nest egg, insurance policies and pensions.
In addition, consider details of single bequests. Simply telling a beneficiary 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 measures could save the beneficiaries of more well-to-do householders thousands of £’s in tax.
An important factor of preparing a will is the naming of executors to make sure that your will wishes are carried out correctly.
You should also update your will every 5 years or so and whenever your situation are altered by a significant 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 at least 1 copy is kept safe or deposit one with a probate registry.
Consilium Asset Management supply inheritance tax planning advice in Bristol
