Why Do I Need a Will?
Don t leave your loved ones with extra expense and complications.
Individuals who pass away without a valid will, or intestate, result in costs and worry to their family and often gift thousands of pounds 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 especially 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 owned jointly 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 owned (although the Law Commission has recently proposed to change this).
Creating a will is also critical if you have minors, as you can propose guardians to care for them.
It is essential to create a list of assets and debts and their approximate worth. Include your house, investment, savings, insurance policies and pension.
In addition, consider details of personal bequests. Merely informing a beneficiary that an item will be his or hers one day could cause difficulty later.
You should get professional advice on IHT planning as part of writing your will. Simple steps could save the beneficiaries of more affluent homeowners thousands of £’s in taxation.
A vital component of building a will is the appointment of executors to make sure that your will instructions are carried out correctly.
You should also review your will every five years or so and whenever your circumstances are altered by a profound life event, such as wedding, divorce or a birth or death in the close family. Another example would be after a house buy or move.
Whoever makes up your will, make sure 1 copy is kept secure or deposit one with a probate registry.
Consilium Asset Management Limited supply inheritance tax planning advice in Somerset
