What Is a Will?
Don t leave your wife and kids with additional costs and hassle.
Individuals who pass away without an up to date will, or intestate, leave complications and costs to their family and often gift thousands of pounds 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 years. It is particularly important if you are not married to your partner, because the law does not accord partners the same automatic rights of inheritance as spouses.
Assets which are owned jointly by unmarried partners on a joint tenancy basis would still pass automatically to the existing spouse 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 recently suggested to change this).
Making a will is also critical if you have minors, as you can nominate guardians to care for them.
It is vital to make a list of investments, propert and debts and their approximate values. Include your properties, investment, savings, insurance policies and pensions.
In addition, consider details of single bequests. Just informing a family member 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. Simple measures could save the beneficiaries of more affluent homeowners thousands of pounds in tax.
A key factor of establishing a will is the naming of executors to ensure that your will wishes are executed.
You should also update your will every 5 years or so and whenever your circumstances are changed by a substantial life event, such as marriage, divorce 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 at least one copy is kept safe or deposit one with a probate registry.
Consilium Asset Management LTD provide will writing services in Bristol