Don t leave your wife and kids with extra expenses and hassle.
People who die without an up to date will, or intestate, result in costs and worry to their loved ones and often gift thousands of £’s 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, irrespective of their age. 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.
Property that is jointly owned 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).
Creating a will is also critical if you have minors, as you can propose guardians to look after them.
It is important to create a list of assets and debts and their approximate worth. Include your house, investments, nest egg, insurance policies and pensions.
In addition, consider details of individual bequests. Just telling a relative 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. Easy steps could save the beneficiaries of more well-to-do householders thousands of £’s in taxation.
An important component of forming a will is the naming of executors to ensure that your will instructions are carried out.
You should also update your will every or so and whenever your situation are changed by a important life event, such as marriage, split up or a birth or death in the close family. Another instance would be after a house buy or move.
Whoever prepares up your will, make sure more than 1 copy is kept secure or deposit one with a probate registry.
Consilium Asset Management provide inheritance tax planning advice in Somerset
