Don t leave your wife and kids with additional worry and hassle.
Individuals who die without an up to date will, or intestate, result in costs and complications to their family 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, disregarding of their age. It is specially important if you are not married to your partner, because the law does not give partners the same rights automatically of inheritance as spouses.
Property that is 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 held (although the Law Commission has lately suggested to change this).
Affecting a will is also essential if you have minors, as you can propose guardians to care for them.
It is vital to create a list of assets and debts and their approximate worth. Include your properties, investments, nest egg, insurance policies and pensions.
In addition, consider details of personal bequests. Just telling a beneficiary that an item will be his or hers one day could cause trouble 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 £’s in tax.
An essential component of establishing a will is the naming of executors to make sure that your will instructions are carried out.
You should also review your will every or so and whenever your circumstances are altered by a substantial 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 more than 1 copy is kept secure or deposit 1 with a probate registry.
Consilium Asset Management Limited provide will writing services in Bristol
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