What Is a Will?
Don t leave your wife and kids with additional expense and hassle.
Individuals 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 State in what may be avoidable Inheritance Tax (IHT).
The Law Society says that anyone with possessions and family or friends should make a will, no matter 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 of inheritance as spouses.
Assets which are owned jointly by unmarried partners on a joint tenancy basis would still go to automatically to the living partner under the rules of survivorship. Under the current intestacy rules, an unmarried partner has no rights to property and assets that were not jointly owned (although the Law Commission has lately suggested to change this).
Doing a will is also vital if you have children, as you can propose guardians to look after them.
It is essential to produce a list of assets and debts and their approximate values. Include your property, investments, nest egg, insurance policies and pension.
In addition, consider details of single legacies. Just telling a relative that an item will be his or hers one day could cause difficulty later.
You should get professional advice on estate planning as part of writing your will. Simple steps could save the beneficiaries of more well-off homeowners thousands of £’s in tax.
An important component of forming a will is the appointment of executors to make sure that your will instructions are executed.
You should also your will every few years or so and whenever your circumstances are altered by a substantial life event, such as wedding, split up or a birth or death in the close family. Another example would be after a house buy or move.
Whoever makes up your will, make sure one copy is kept safe or deposit one with a probate registry.
Consilium supply inheritance tax planning advice in Gloucestershire
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