Benefits of Making a Will
Don t leave your loved ones with additional costs and complications.
People who pass away without an up to date will, or intestate, leave costs and worry to their families and often gift thousands of £’s to the Nation in what may be avoidable Inheritance Tax (IHT).
The Law Society says that anyone with possessions and family or friends should make a will, disregarding of their age. It is especially important if you are not married to your partner, because the law does not accord partners the same automatic rights of inheritance as spouses.
Property that is owned jointly by unmarried partners on a joint tenancy basis would still go to 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 held (although the Law Commission has of late proposed to change this).
Constructing a will is also critical if you have children, as you can appoint guardians to look after them.
It is important to create a list of investments, property and debts and their approximate worth. Include your property, investment, savings, insurance policies and pensions.
In addition, consider making personal legacies. Just telling a beneficiary that an item will be his or hers one day could cause upset later.
You should take professional advice on IHT planning as part of writing your will. Easy steps could save the beneficiaries of more well-off homeowners thousands of pounds in tax.
A vital component of constructing a will is the appointment of executors to make sure that your will wishes are executed.
You should also update your will every 5 years or so and whenever your circumstances are altered by a significant life event, such as marriage, split up or a birth or death in the immediate family. Another instance would be after a house buy or move.
Whoever makes up your will, make sure more than 1 copy is kept secure or deposit 1 with a probate registry.
Consilium provides inheritance tax planning advice in Wiltshire
