Why Do I Need a Will?
Don t leave your wife and kids with extra expenses and hassle.
Individuals who pass away without an up to date will, or intestate, result in costs and worry to their loved ones and often gift thousands of £’s to the Country in what may be avoidable Inheritance Tax (IHT).
The Law Society says that anyone with possessions and family or friends should make a will, regardless of their years. It is specially important if you are not married to your partner, because the law does not give partners the same automatic rights of inheritance as spouses.
Assets which are owned jointly by unmarried partners on a joint tenancy basis would still pass automatically to the surviving spouse under the rules of survivorship. Under the current intestacy rules, an unmarried partner has no rights to property that were not jointly owned (although the Law Commission has recently suggested to change this).
Establishing a will is also essential if you have children, as you can appoint guardians to look after them.
It is essential to create a list of assets and debts and their approximate worth. Include your property, investment, savings, insurance policies and pensions.
In addition, think about single legacies. Merely informing a beneficiary that an item will be his or hers one day could cause difficulty later.
You should receive professional advice on inheritance tax planning as part of writing your will. Easy measures could save the beneficiaries of more well-off homeowners thousands of £’s in taxation.
An important component of affecting a will is the naming of executors to make sure that your will wishes are carried out.
You should also your will every five years or so and whenever your situation are altered by a significant life event, such as wedding, divorce or a birth or death in the close family. Another instance would be after a house buy or move.
Whoever makes up your will, make sure one copy is kept secure or deposit one with a probate registry.
Consilium provide inheritance tax planning advice in Somerset
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