Is it Easy to Make a Will?
Don t leave your loved ones with additional expenses and hassle.
People who die without a valid will, or intestate, result in costs and complications to their family and often gift thousands of pounds 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, no matter of their age. It is particularly important if you are not married to your partner, because the law does not give partners the same rights of inheritance as spouses.
Assets which are owned jointly by unmarried partners on a joint tenancy basis would still pass automatically to the living partner under the rules of survivorship. Under the current intestacy rules, an unmarried partner has no rights to assets and property that were not jointly held (although the Law Commission has lately suggested to change this).
Doing a will is also essential if you have children, as you can propose guardians to look after them.
It is critical to create a list of investments, property and debts and their approximate values. Include your properties, investments, nest egg, insurance policies and pension.
In addition, consider details of single bequests. Merely informing a family member that an item will be his or hers one day could cause problems later.
You should take professional advice on estate planning as part of writing your will. Simple measures could save the beneficiaries of more affluent homeowners thousands of £’s in tax.
A key component of making a will is the appointment of executors to make sure that your will wishes are carried out correctly.
You should also your will every few years or so and whenever your situation are changed by a substantial life event, such as marriage, divorce or a birth or death in the close family. Another example would be after a house purchase or move.
Whoever prepares up your will, make sure 1 copy is kept secure or deposit one with a probate registry.
Consilium Asset Management Limited provide inheritance tax planning advice in Gloucestershire
