What Is a Will?
Don t leave your wife and kids with extra expenses and hassle.
People who pass away without a valid will, or intestate, result in complications and costs to their family and often gift thousands of £’s 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, regardless of their years. 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.
Assets which are owned jointly by unmarried partners on a joint tenancy basis would still pass automatically to the existing partner under the rules of survivorship. Under the current intestacy rules, an unmarried partner has no rights to property that were not jointly owned (although the Law Commission has of late suggested to change this).
Constructing a will is also essential if you have minors, as you can appoint guardians to look after them.
It is vital to create a list of assets and liabilities and their approximate values. Include your properties, investments, nest egg, insurance policies and pensions.
In addition, consider details of single legacies. Just telling a family member that an item will be his or hers one day could cause trouble later.
You should get professional advice on estate planning as part of writing your will. Easy measures could save the beneficiaries of more well-to-do homeowners thousands of pounds in tax.
An essential component of forming a will is the appointment of executors to ensure that your will instructions are carried out correctly.
You should also update your will every five years or so and whenever your situation are altered by a important life event, such as wedding, divorce or a birth or death in the immediate family. Another example would be after a house buy or move.
Whoever makes up your will, make sure at least one copy is kept secure or deposit one with a probate registry.
Consilium Asset Management Limited provide will writing services in Bristol
