Making a Will
Don t leave your family and children with extra worry and hassle.
People who die without a valid will, or intestate, leave complications and costs to their loved ones and often gift thousands of £’s to the Country 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 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 spouse 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 suggested to change this).
Constructing a will is also vital if you have minors, as you can appoint guardians to care for them.
It is critical to make a list of assets and debts and their approximate worth. Include your properties, investments, savings, insurance policies and pension.
In addition, think about single legacies. Simply telling a relative that an item will be his or hers one day could cause difficulty later.
You should obtain professional advice on estate planning as part of writing your will. Easy measures could save the beneficiaries of more well-off homeowners thousands of £’s in taxation.
A vital component of affecting a will is the appointment of executors to make sure that your will wishes are carried out.
You should also update your will every five years 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 immediate family. Another example would be after a house buy or move.
Whoever constructs up your will, make sure at least 1 copy is kept safe or deposit one with a probate registry.
Consilium Asset Management LTD supply inheritance tax planning advice in Gloucestershire
