Is it Easy to Make a Will?
Don t leave your loved ones with extra heartache and hassle.
Individuals who pass away without a valid will, or intestate, result in costs and worry to their beneficiaries and often gift lots of money to the Nation 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 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 jointly owned by unmarried partners on a joint tenancy basis would still pass automatically to the surviving 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 lately suggested to change this).
Forming a will is also essential if you have kids, as you can appoint 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 individual bequests. Merely telling a family member that an item will be his or hers one day could cause trouble later.
You should take professional advice on IHT planning as part of writing your will. Simple measures could save the beneficiaries of more well-off householders thousands of pounds in tax.
An essential component of preparing a will is the naming of executors to ensure that your will instructions are executed.
You should also your will every few years or so and whenever your circumstances are altered by a significant life event, such as marriage, divorce or a birth or death in the immediate family. Another instance would be after a house buy or move.
Whoever makes up your will, make sure more than 1 copy is kept secure or deposit 1 with a probate registry.
Consilium Asset Management Limited offer inheritance tax planning advice in Somerset
