Benefits of Making a Will
Don t leave your wife and kids with extra worry and hassle.
People who die without a valid will, or intestate, result in complications and costs to their family and often gift thousands of pounds to the Government in what may be avoidable Inheritance Tax (IHT).
The Law Society says that anyone with possessions and family or friends should make a will, no matter of their years. It is specially important if you are not married to your partner, because the law does not give partners the same rights of inheritance as spouses.
Assets which are owned jointly by unmarried partners on a joint tenancy basis would still pass 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 owned (although the Law Commission has lately suggested to change this).
Forming a will is also critical if you have kids, 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 properties, investment, savings, insurance policies and pension.
In addition, think about specific legacies. Merely informing a beneficiary that an item will be his or hers one day could cause problems later.
You should receive professional advice on inheritance tax planning as part of writing your will. Simple steps could save the beneficiaries of richer homeowners thousands of pounds in tax.
A key factor of creating a will is the naming of executors to ensure that your will wishes are carried out.
You should also your will every or so and whenever your circumstances are changed by a profound life event, such as marriage, divorce or a birth or death in the close family. Another example 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 offer Inheritance Tax Planning services in Bristol
