Making a Will
Don t leave your beneficiaries with additional expenses and complications.
People who pass away without an up to date will, or intestate, result in complications and costs to their loved ones and often gift thousands of £’s to the Government in what may be avoidable Inheritance Tax (IHT).
The Law Society says that anyone with possessions and family or friends should make a will, irrespective of their years. 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 jointly owned 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 property or assets that were not jointly owned (although the Law Commission has recently proposed to change this).
Getting a will is also critical if you have minors, as you can appoint guardians to care for them.
It is essential to make a list of assets and liabilities and their approximate values. Include your properties, investments, savings, insurance policies and pensions.
In addition, think about single bequests. Simply informing a relative 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 steps could save the beneficiaries of more well-to-do householders thousands of pounds in tax.
A key component of preparing a will is the naming of executors to ensure that your will wishes are carried out correctly.
You should also review your will every 5 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 immediate family. Another instance would be after a house buy or move.
Whoever constructs up your will, make sure more than 1 copy is kept safe or deposit one with a probate registry.
Consilium offer will writing services in Bristol
