Why Do I Need a Will?
Don t leave your beneficiaries with extra worry and hassle.
Individuals who die without an up to date will, or intestate, result in complications and costs to their beneficiaries and often gift lots of money 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 especially important if you are not married to your partner, because the law does not give partners the same automatic rights of inheritance as spouses.
Property that is owned jointly by unmarried partners on a joint tenancy basis would still pass automatically to the surviving spouse 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 of late proposed to change this).
Making a will is also vital if you have minors, as you can propose guardians to look after them.
It is critical to produce a list of investments, property and debts and their approximate values. Include your house, investment, nest egg, insurance policies and pensions.
In addition, consider making specific bequests. Merely telling a relative that an item will be his or hers one day could cause difficulty later.
You should get professional advice on IHT planning as part of writing your will. Easy measures could save the beneficiaries of more well-to-do householders thousands of pounds in tax.
A key element of constructing a will is the naming of executors to ensure that your will wishes are carried out correctly.
You should also your will every 5 years or so and whenever your circumstances are changed by a significant life event, such as marriage, split up or a birth or death in the close family. Another instance would be after a house purchase or move.
Whoever draws up your will, make sure one copy is kept secure or deposit 1 with a probate registry.
Consilium Asset Management LTD provides Inheritance Tax Planning services in Bristol
