Should I Make a Will?
Don t leave your family and children with extra expenses and complications.
Individuals who die without an up to date will, or intestate, leave complications and costs to their family and often gift lots of money to the Country in what may be avoidable Inheritance Tax (IHT).
The Law Society says that anyone with assets and family or friends should make a will, disregarding of their age. It is particularly important if you are not married to your partner, because the law does not accord partners the same rights automatically of inheritance as spouses.
Assets which are owned jointly 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 assets and property that were not jointly owned (although the Law Commission has of late suggested to change this).
Establishing a will is also critical if you have minors, as you can propose guardians to care for them.
It is important to create a list of assets and debts and their approximate worth. Include your house, investments, savings, insurance policies and pension.
In addition, think about individual legacies. Just telling a family member that an item will be his or hers one day could cause trouble later.
You should get professional advice on inheritance tax planning as part of writing your will. Simple steps could save the beneficiaries of wealthier homeowners thousands of pounds in tax.
A vital element of making a will is the appointment of executors to make sure that your will wishes are carried out.
You should also review your will every or so and whenever your situation are changed by a substantial life event, such as wedding, divorce or a birth or death in the immediate family. Another instance would be after a house purchase or move.
Whoever makes up your will, make sure more than 1 copy is kept secure or deposit 1 with a probate registry.
Consilium Asset Management LTD offer inheritance tax planning advice in Gloucestershire
