Is it Easy to Make a Will?
Wednesday, February 24th, 2010
Don t leave your loved ones with additional worry and hassle.
People who die without a valid will, or intestate, result in costs and complications to their families and often gift thousands of pounds to the Nation 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 jointly owned by unmarried partners on a joint tenancy basis would still pass automatically to the surviving 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 held (although the Law Commission has of late suggested to change this).
Doing a will is also essential 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 property, investment, nest egg, insurance policies and pension.
In addition, consider details of specific legacies. Just informing a beneficiary that an item will be his or hers one day could cause problems later.
You should obtain professional advice on estate planning as part of writing your will. Easy measures could save the beneficiaries of more affluent homeowners thousands of £’s in taxation.
An essential component of constructing a will is the appointment of executors to make sure that your will instructions are carried out.
You should also your will every or so and whenever your circumstances are altered by a profound life event, such as wedding, divorce or a birth or death in the immediate family. Another instance 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 inheritance tax planning advice in South Gloucestershire