What Is a Will?
Don t leave your wife and kids with extra expenses and complications.
Individuals who pass away without a valid will, or intestate, leave costs and worry to their beneficiaries 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, regardless of their years. It is specially important if you are not married to your partner, because the law does not accord partners the same rights of inheritance as spouses.
Assets which are jointly owned by unmarried partners on a joint tenancy basis would still pass automatically to the surviving 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 lately suggested to change this).
Getting a will is also vital if you have minors, as you can appoint guardians to look after them.
It is critical to produce a list of investments, propert and debts and their approximate values. Include your properties, investments, savings, insurance policies and pension.
In addition, think about individual legacies. Just 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. Simple measures could save the beneficiaries of richer householders thousands of £’s in tax.
A vital component of creating a will is the naming of executors to ensure that your will instructions are carried out correctly.
You should also your will every five years or so and whenever your situation are changed by a significant life event, such as marriage, split up or a birth or death in the close family. Another example would be after a house purchase or move.
Whoever makes up your will, make sure at least one copy is kept safe or deposit 1 with a probate registry.
Consilium Asset Management LTD provides inheritance tax planning advice in Gloucestershire