Making a Will
Don t leave your beneficiaries with additional costs and complications.
Individuals who pass away without an up to date will, or intestate, result in costs and complications to their families and often gift thousands of £’s to the State in what may be avoidable Inheritance Tax (IHT).
The Law Society says that anyone with assets and family or friends should make a will, irrespective of their years. It is specially 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 living spouse under the rules of survivorship. Under the current intestacy rules, an unmarried partner has no rights to any assets that were not jointly held (although the Law Commission has recently proposed to change this).
Forming a will is also critical if you have children, as you can appoint guardians to care for them.
It is important to make a list of investments, propert and debts and their approximate worth. Include your properties, investments, savings, insurance policies and pensions.
In addition, think about individual bequests. Just telling a beneficiary that an item will be his or hers one day could cause upset later.
You should receive professional advice on inheritance tax planning as part of writing your will. Easy measures could save the beneficiaries of richer householders thousands of pounds in taxation.
An important component of making a will is the naming of executors to ensure that your will wishes are executed.
You should also your will every or so and whenever your situation are altered by a substantial life event, such as wedding, divorce or a birth or death in the close family. Another example would be after a house purchase or move.
Whoever makes up your will, make sure at least one copy is kept secure or deposit one with a probate registry.
Consilium Asset Management LTD offer inheritance tax planning advice in South Gloucestershire
