Making a Will
Don t leave your beneficiaries with additional costs and hassle.
Individuals who pass away without a valid will, or intestate, leave costs and complications to their loved ones and often gift thousands of pounds to the Nation in what may be avoidable Inheritance Tax (IHT).
The Law Society says that anyone with possessions and family or friends should make a will, disregarding 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 automatically of inheritance as spouses.
Assets which are owned jointly by unmarried partners on a joint tenancy basis would still go to automatically to the living spouse under the rules of survivorship. Under the current intestacy rules, an unmarried partner has no rights to property that were not jointly held (although the Law Commission has lately suggested to change this).
Getting a will is also essential if you have children, as you can nominate guardians to look after them.
It is critical to make a list of assets and liabilities and their approximate values. Include your properties, investments, savings, insurance policies and pensions.
In addition, consider making individual bequests. Just informing a family member that an item will be his or hers one day could cause problems later.
You should get professional advice on IHT planning as part of writing your will. Simple steps could save the beneficiaries of richer householders thousands of pounds in taxation.
An essential component of forming a will is the naming of executors to ensure that your will wishes are carried out.
You should also update your will every or so and whenever your circumstances are changed by a important life event, such as wedding, split up or a birth or death in the close family. Another instance would be after a house purchase or move.
Whoever makes up your will, make sure one copy is kept safe or deposit 1 with a probate registry.
Consilium Asset Management supply inheritance tax planning advice in Somerset
