Making a Will
Don t leave your wife and kids with extra costs and complications.
People who die without a valid will, or intestate, leave complications and costs to their families and often gift thousands of pounds to the Government 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 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 partner 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 lately proposed to change this).
Forming a will is also critical if you have minors, as you can propose guardians to care for them.
It is essential to produce a list of assets and debts and their approximate worth. Include your properties, investments, nest egg, insurance policies and pension.
In addition, think about single bequests. Simply telling a relative that an item will be his or hers one day could cause upset later.
You should obtain professional advice on IHT planning as part of writing your will. Simple steps could save the beneficiaries of more affluent householders thousands of pounds in tax.
A key element of affecting a will is the appointment of executors to make sure that your will wishes are carried out correctly.
You should also your will every or so and whenever your situation are altered by a substantial life event, such as marriage, split up or a birth or death in the immediate family. Another example would be after a house purchase or move.
Whoever draws up your will, make sure at least one copy is kept secure or deposit 1 with a probate registry.
Consilium Asset Management Limited provide inheritance tax planning advice in Bristol