How Do I Make a Will?
2 March 2010
Don t leave your beneficiaries with additional costs and complications.
Individuals who die without a valid will, or intestate, result in costs and worry 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, disregarding of their age. It is specially 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 surviving spouse under the rules of survivorship. Under the current intestacy rules, an unmarried partner has no rights to assets and property that were not jointly held (although the Law Commission has lately suggested to change this).
Constructing a will is also essential if you have minors, as you can propose guardians to look after them.
It is essential to make a list of assets and debts and their approximate values. Include your property, investments, savings, insurance policies and pension.
In addition, think about individual legacies. Merely informing 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. Simple measures could save the beneficiaries of more well-to-do homeowners thousands of pounds in taxation.
A key component of forming a will is the naming of executors to ensure that your will instructions are carried out correctly.
You should also review your will every five years or so and whenever your circumstances are altered by a significant life event, such as marriage, divorce or a birth or death in the immediate family. Another instance would be after a house buy or move.
Whoever constructs up your will, make sure at least one copy is kept secure or deposit 1 with a probate registry.
Consilium Asset Management Limited supply will writing services in Bristol
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