Don t leave your beneficiaries with extra worry and hassle.
People who die without a valid will, or intestate, result in costs and complications to their loved ones and often gift lots of money 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, no matter of their age. It is specially important if you are not married to your partner, because the law does not accord partners the same rights automatically of inheritance as spouses.
Assets which are jointly owned by unmarried partners on a joint tenancy basis would still go to automatically to the existing 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 of late suggested to change this).
Establishing a will is also vital if you have children, as you can appoint guardians to look after them.
It is critical to create a list of investments, property and debts and their approximate values. Include your property, investments, nest egg, insurance policies and pensions.
In addition, think about specific bequests. Merely telling 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. Simple steps could save the beneficiaries of more well-off householders thousands of £’s in tax.
A vital component of building a will is the appointment of executors to ensure that your will wishes are carried out correctly.
You should also your will every 5 years or so and whenever your circumstances are changed by a profound life event, such as marriage, 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 one copy is kept secure or deposit 1 with a probate registry.
Consilium Asset Management Limited supply inheritance tax planning advice in Bristol
