Should I Make a Will?
February 20th, 2010
Don t leave your loved ones with extra costs and complications.
People who pass away without an up to date will, or intestate, leave costs and complications to their families and often gift lots of money to the State 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 years. It is particularly important if you are not married to your partner, because the law does not give partners the same 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 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).
Making a will is also critical if you have children, as you can appoint guardians to care for them.
It is essential to create a list of assets and debts and their approximate worth. Include your property, investments, savings, insurance policies and pension.
In addition, consider details of single bequests. Just telling a family member that an item will be his or hers one day could cause upset later.
You should take 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 factor of creating a will is the appointment of executors to make sure that your will instructions are carried out correctly.
You should also review your will every few years or so and whenever your situation are changed by a significant life event, such as wedding, split up or a birth or death in the immediate family. Another instance would be after a house buy or move.
Whoever prepares up your will, make sure at least 1 copy is kept secure or deposit 1 with a probate registry.
Consilium Asset Management Limited offer inheritance tax planning advice in Wiltshire
