Benefits of Making a Will
Don t leave your wife and kids with additional heartache and complications.
People who pass away without an up to date will, or intestate, leave costs and worry to their family and often gift lots of money to the Government in what may be avoidable Inheritance Tax (IHT).
The Law Society says that anyone with possessions and family or friends should make a will, irrespective of their years. It is particularly important if you are not married to your partner, because the law does not give partners the same rights automatically of inheritance as spouses.
Assets which are owned jointly by unmarried partners on a joint tenancy basis would still go to 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 owned (although the Law Commission has lately suggested to change this).
Preparing a will is also vital 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 worth. Include your house, investments, nest egg, insurance policies and pension.
In addition, think about specific bequests. Just telling a beneficiary 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 steps could save the beneficiaries of more well-to-do homeowners thousands of £’s in taxation.
A vital factor of creating a will is the appointment of executors to make sure that your will instructions are carried out.
You should also update your will every five years or so and whenever your situation are changed by a important life event, such as marriage, divorce or a birth or death in the close family. Another example would be after a house purchase or move.
Whoever draws up your will, make sure 1 copy is kept secure or deposit 1 with a probate registry.
Consilium provide will writing services in Bristol
