Should I Make a Will?

02.24.10 |

Don t leave your family and children with additional costs and hassle.
People who pass away without an up to date will, or intestate, result in costs and complications to their family and often gift thousands of pounds 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, disregarding of their years. It is specially 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 property or assets that were not jointly owned (although the Law Commission has of late proposed to change this).

Making a will is also vital if you have children, as you can appoint guardians to look after them.

It is important to create a list of assets and debts and their approximate values. Include your house, investments, nest egg, insurance policies and pension.
In addition, consider making individual legacies. Just telling a family member that an item will be his or hers one day could cause upset later.

You should take professional advice on inheritance tax planning as part of writing your will. Simple measures could save the beneficiaries of richer householders thousands of pounds in tax.

A key component of creating a will is the appointment of executors to make sure that your will wishes are carried out.

You should also update your will every 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 buy or move.

Whoever prepares up your will, make sure more than 1 copy is kept secure or deposit one with a probate registry.

Consilium supply inheritance tax planning advice in South Gloucestershire