February 18, 2010
How Do I Make a Will?
Don t leave your family and children with extra heartache and hassle.
Individuals who die without an up to date will, or intestate, leave costs and worry 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, irrespective of their age. It is particularly 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 go to automatically to the living partner under the rules of survivorship. Under the current intestacy rules, an unmarried partner has no rights to assets or property that were not jointly owned (although the Law Commission has recently suggested to change this).
Preparing a will is also essential if you have minors, as you can nominate guardians to look after them.
It is essential to produce a list of investments, propert and debts and their approximate values. Include your property, investments, nest egg, insurance policies and pensions.
In addition, consider details of single legacies. Merely informing a relative that an item will be his or hers one day could cause difficulty later.
You should obtain professional advice on inheritance tax planning as part of writing your will. Simple measures could save the beneficiaries of richer homeowners thousands of £’s in tax.
A vital factor of preparing a will is the appointment of executors to make sure that your will wishes are carried out.
You should also your will every 5 years or so and whenever your situation are changed 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 purchase or move.
Whoever constructs up your will, make sure 1 copy is kept safe or deposit one with a probate registry.
Consilium Asset Management supply inheritance tax planning advice in Gloucestershire
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