Don t leave your family and children with extra expenses and hassle.
Individuals who pass away without a valid will, or intestate, result in costs and complications to their families and often gift lots of money to the Government 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 especially important if you are not married to your partner, because the law does not accord partners the same automatic rights of inheritance as spouses.
Property that is owned jointly 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 and assets that were not jointly owned (although the Law Commission has recently proposed to change this).
Getting a will is also vital if you have children, as you can nominate guardians to look after them.
It is vital to make a list of investments, propert and debts and their approximate worth. Include your property, investments, savings, insurance policies and pensions.
In addition, consider making individual bequests. Just informing a beneficiary that an item will be his or hers one day could cause problems later.
You should receive professional advice on inheritance tax planning as part of writing your will. Simple steps could save the beneficiaries of more affluent householders thousands of pounds in taxation.
A vital element of making a will is the naming of executors to make sure that your will wishes are carried out correctly.
You should also update your will every few 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 purchase or move.
Whoever constructs up your will, make sure at least 1 copy is kept safe or deposit 1 with a probate registry.
Consilium offer inheritance tax planning advice in Wiltshire
