Should I Make a Will?
Don t leave your wife and kids with extra costs and complications.
People who pass away without an up to date will, or intestate, result in costs and complications to their loved ones and often gift lots of money 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, no matter of their years. It is especially important if you are not married to your partner, because the law does not accord partners the same rights 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 any assets that were not jointly held (although the Law Commission has of late proposed to change this).
Preparing a will is also critical if you have children, as you can appoint guardians to look after them.
It is critical to make a list of assets and liabilities and their approximate values. Include your property, investment, nest egg, insurance policies and pensions.
In addition, consider details of personal legacies. Simply informing a relative that an item will be his or hers one day could cause trouble later.
You should obtain professional advice on estate planning as part of writing your will. Easy measures could save the beneficiaries of wealthier homeowners thousands of pounds in tax.
An important factor of constructing a will is the naming of executors to make sure that your will instructions are carried out.
You should also your will every few years or so and whenever your situation are altered by a important life event, such as marriage, divorce or a birth or death in the immediate family. Another instance would be after a house purchase or move.
Whoever draws up your will, make sure more than 1 copy is kept safe or deposit one with a probate registry.
Consilium Asset Management Limited supply inheritance tax planning advice in Somerset
