Should I Make a Will?
Don t leave your family and children with additional worry and complications.
Individuals who pass away without an up to date will, or intestate, result in complications and costs to their beneficiaries and often gift lots of money to the Country in what may be avoidable Inheritance Tax (IHT).
The Law Society says that anyone with possessions and family or friends should make a will, disregarding of their years. It is specially important if you are not married to your partner, because the law does not accord partners the same rights of inheritance as spouses.
Property that is jointly owned by unmarried partners on a joint tenancy basis would still go to automatically to the living partner under the rules of survivorship. Under the current intestacy rules, an unmarried partner has no rights to property or assets that were not jointly owned (although the Law Commission has recently proposed to change this).
Making a will is also essential if you have kids, as you can nominate guardians to look after them.
It is vital to produce a list of assets and debts and their approximate worth. Include your properties, investment, nest egg, insurance policies and pensions.
In addition, think about single bequests. Just informing a beneficiary that an item will be his or hers one day could cause problems later.
You should take professional advice on IHT planning as part of writing your will. Simple measures could save the beneficiaries of richer homeowners thousands of £’s in tax.
An important component of making a will is the naming of executors to ensure that your will instructions are executed.
You should also your will every or so and whenever your circumstances are altered by a substantial life event, such as wedding, divorce or a birth or death in the immediate family. Another example would be after a house buy or move.
Whoever draws up your will, make sure 1 copy is kept safe or deposit one with a probate registry.
Consilium provides inheritance tax planning advice in Gloucestershire
