776What Is a Will?
posted on February 25th, 2010
Don t leave your wife and kids with extra costs and hassle.
People who die without an up to date will, or intestate, result in complications and costs to their family and often gift thousands of pounds to the Country 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 especially important if you are not married to your partner, because the law does not give 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 existing spouse 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 of late proposed to change this).
Affecting a will is also critical if you have minors, as you can appoint guardians to care for them.
It is critical to produce a list of investments, property and debts and their approximate worth. Include your properties, investment, savings, insurance policies and pensions.
In addition, consider making specific bequests. Just telling a relative that an item will be his or hers one day could cause difficulty later.
You should get professional advice on estate planning as part of writing your will. Easy steps could save the beneficiaries of more well-to-do householders thousands of pounds in tax.
A vital factor of making a will is the naming of executors to ensure that your will instructions are carried out correctly.
You should also update your will every five years or so and whenever your situation are changed by a important life event, such as wedding, 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 1 copy is kept secure or deposit one with a probate registry.
Consilium Asset Management Limited offer inheritance tax planning advice in Bath
