Is it Easy to Make a Will?
Don t leave your wife and kids with extra heartache and complications.
People who die without a valid will, or intestate, leave costs and complications to their families and often gift thousands of pounds to the Nation in what may be avoidable Inheritance Tax (IHT).
The Law Society says that anyone with possessions and family or friends should make a will, disregarding of their years. It is especially 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 owned jointly by unmarried partners on a joint tenancy basis would still go to automatically to the existing spouse under the rules of survivorship. Under the current intestacy rules, an unmarried partner has no rights to property that were not jointly owned (although the Law Commission has lately suggested to change this).
Forming a will is also essential if you have minors, as you can propose guardians to care for them.
It is essential to produce a list of assets and debts and their approximate values. Include your properties, investment, nest egg, insurance policies and pension.
In addition, consider details of specific bequests. Merely informing a family member that an item will be his or hers one day could cause problems later.
You should receive professional advice on IHT planning as part of writing your will. Easy measures could save the beneficiaries of more well-to-do homeowners thousands of pounds in taxation.
An important element of affecting a will is the naming of executors to make sure that your will instructions are carried out correctly.
You should also review your will every five years or so and whenever your circumstances are altered by a significant life event, such as marriage, divorce or a birth or death in the close family. Another instance would be after a house purchase or move.
Whoever prepares up your will, make sure more than 1 copy is kept safe or deposit 1 with a probate registry.
Consilium Asset Management Limited offer inheritance tax planning advice in South Gloucestershire
