Benefits of Making a Will
March 3rd, 2010
Don t leave your family and children with additional costs and hassle.
People who die without a valid will, or intestate, result in costs and worry to their beneficiaries and often gift lots of money 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, no matter 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.
Assets which are 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 property that were not jointly owned (although the Law Commission has recently proposed to change this).
Forming a will is also critical if you have children, as you can nominate guardians to look after them.
It is essential to create a list of investments, propert and debts and their approximate values. Include your house, investments, nest egg, insurance policies and pension.
In addition, consider details of specific legacies. Simply informing a beneficiary that an item will be his or hers one day could cause problems later.
You should take professional advice on inheritance tax planning as part of writing your will. Easy steps could save the beneficiaries of more prosperous homeowners thousands of £’s in taxation.
An important element of affecting a will is the naming of executors to ensure that your will instructions are executed.
You should also your will every 5 years or so and whenever your situation are changed by a profound life event, such as wedding, split up or a birth or death in the close family. Another instance would be after a house buy or move.
Whoever constructs up your will, make sure at least 1 copy is kept secure or deposit one with a probate registry.
Consilium Asset Management Limited offer will writing services in Bristol
