Benefits of Making a Will
Don t leave your loved ones with additional expenses and hassle.
People who die without an up to date will, or intestate, leave complications and costs 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 assets and family or friends should make a will, no matter of their age. It is particularly 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 jointly owned by unmarried partners on a joint tenancy basis would still pass automatically to the existing partner 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 recently proposed to change this).
Preparing a will is also vital if you have kids, as you can appoint guardians to look after them.
It is vital to create a list of assets and debts and their approximate worth. Include your house, investments, nest egg, insurance policies and pension.
In addition, think about personal bequests. Simply informing a relative that an item will be his or hers one day could cause difficulty later.
You should take professional advice on IHT planning as part of writing your will. Easy steps could save the beneficiaries of more well-to-do householders thousands of pounds in tax.
An essential factor of preparing a will is the naming of executors to make sure that your will wishes are carried out correctly.
You should also review your will every few years or so and whenever your circumstances are altered by an important life event, such as wedding, split up or a birth or death in the close family. Another example would be after a house purchase or move.
Whoever draws up your will, make sure more than 1 copy is kept safe or deposit 1 with a probate registry.
Consilium supply inheritance tax planning advice in Somerset
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