Should I Make a Will?
March 4th, 2010
Don t leave your loved ones with extra costs and complications.
Individuals who die without an up to date will, or intestate, leave complications and costs to their loved ones and often gift lots of money 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 accord partners the same rights of inheritance as spouses.
Assets which are owned jointly by unmarried partners on a joint tenancy basis would still go to automatically to the surviving spouse 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 suggested to change this).
Making a will is also critical if you have minors, as you can nominate guardians to look after them.
It is essential to create a list of assets and liabilities and their approximate values. Include your house, investments, savings, insurance policies and pension.
In addition, consider making specific legacies. Just telling a relative that an item will be his or hers one day could cause trouble later.
You should obtain professional advice on estate planning as part of writing your will. Easy steps could save the beneficiaries of wealthier homeowners thousands of £’s in tax.
An essential component of establishing a will is the appointment of executors to ensure 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 profound life event, such as marriage, split up or a birth or death in the immediate family. Another example would be after a house buy or move.
Whoever draws up your will, make sure more than 1 copy is kept safe or deposit 1 with a probate registry.
Consilium supply will writing services in Bristol
Posted in 
