Why Do I Need a Will?
Don t leave your wife and kids with additional expense and complications.
Individuals who die without an up to date will, or intestate, result in complications and costs to their beneficiaries and often gift lots of money to the Government in what may be avoidable Inheritance Tax (IHT).
The Law Society says that anyone with assets and family or friends should make a will, disregarding of their years. It is particularly important if you are not married to your partner, because the law does not accord partners the same rights of inheritance as spouses.
Assets which are jointly owned by unmarried partners on a joint tenancy basis would still go automatically to the surviving partner under the rules of survivorship. Under the current intestacy rules, an unmarried partner has no rights to property and assets that were not jointly owned (although the Law Commission has recently suggested changing this).
Affecting a will is also essential if you have children, as you can appoint guardians to look after them.
It is vital to produce a list of assets and debts and their approximate values. Include your property, investments, savings, insurance policies and pensions.
In addition, consider details of specific legacies. Just informing a beneficiary that an item will be his or hers one day could cause difficulty later.
You should obtain professional advice on IHT planning as part of writing your will. Easy measures could save the beneficiaries of more prosperous householders thousands of £’s in taxation.
An essential factor of affecting a will is the naming of executors to ensure that your will wishes are executed.
You should also your will every few years or so and whenever your circumstances are changed by a profound life event, such as marriage, divorce or a birth or death in the immediate family. Another instance would be after a house purchase or move.
Whoever constructs up your will, make sure 1 copy is kept secure or deposit one with a probate registry.
Consilium Asset Management LTD offer Inheritance Tax Planning services in Bristol
