Don t leave your wife and kids with extra worry and hassle.
People who pass away without a valid will, or intestate, result in costs and complications to their families and often gift thousands of £’s to the Nation in what may be avoidable Inheritance Tax (IHT).
The Law Society says that anyone with assets 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 automatic rights 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 any assets that were not jointly owned (although the Law Commission has recently suggested to change this).
Doing a will is also critical if you have children, as you can propose guardians to care for them.
It is vital to make a list of assets and debts and their approximate worth. Include your properties, investment, savings, insurance policies and pension.
In addition, think about specific legacies. Merely telling a family member that an item will be his or hers one day could cause trouble later.
You should receive professional advice on IHT planning as part of writing your will. Simple steps could save the beneficiaries of richer householders thousands of £’s in tax.
An important element of making a will is the naming of executors to ensure 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 substantial 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 constructs up your will, make sure one copy is kept safe or deposit 1 with a probate registry.
Consilium Asset Management LTD provide Inheritance Tax Planning services in Bristol
