Making a Will
Don t leave your beneficiaries with extra costs and hassle.
People who die without an up to date will, or intestate, leave costs and complications to their beneficiaries and often gift lots of money to the Government in what may be avoidable Inheritance Tax (IHT).
The Law Society says that anyone with assets and family or friends should make a will, no matter of their age. It is particularly 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 jointly owned by unmarried partners on a joint tenancy basis would still pass automatically to the living spouse under the rules of survivorship. Under the current intestacy rules, an unmarried partner has no rights to any assets that were not jointly held (although the Law Commission has of late proposed to change this).
Making a will is also vital if you have minors, as you can propose guardians to care for them.
It is important to create a list of investments, propert and debts and their approximate worth. Include your house, investment, savings, insurance policies and pension.
In addition, consider making personal legacies. Simply telling a family member that an item will be his or hers one day could cause problems later.
You should get professional advice on estate planning as part of writing your will. Easy steps could save the beneficiaries of richer householders thousands of pounds in tax.
An important element of building a will is the appointment of executors to make sure that your will instructions are carried out.
You should also update your will every 5 years or so and whenever your situation are changed by a profound life event, such as wedding, divorce or a birth or death in the close family. Another example would be after a house purchase or move.
Whoever constructs up your will, make sure one copy is kept secure or deposit 1 with a probate registry.
Consilium Asset Management LTD provide inheritance tax planning advice in Bath
