Why Do I Need a Will?
March 21st, 2010 admin
Don t leave your wife and kids with additional heartache and complications.
Individuals who die without a valid will, or intestate, result in complications and costs to their family and often gift lots of money 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, regardless of their age. It is particularly important if you are not married to your partner, because the law does not accord partners the same rights of inheritance as spouses.
Assets which are jointly owned 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 any assets that were not jointly held (although the Law Commission has lately proposed to change this).
Doing a will is also vital if you have kids, as you can nominate guardians to care for them.
It is critical to make a list of assets and liabilities and their approximate values. Include your property, investment, nest egg, insurance policies and pensions.
In addition, think about individual bequests. Simply telling a relative 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 affluent homeowners thousands of pounds in taxation.
An important component of establishing a will is the appointment of executors to ensure that your will wishes are carried out.
You should also review your will every or so and whenever your situation are changed by a profound life event, such as marriage, split up or a birth or death in the close family. Another example would be after a house purchase or move.
Whoever constructs up your will, make sure at least one copy is kept secure or deposit one with a probate registry.
Consilium Asset Management LTD supply Inheritance Tax Planning services in Bristol
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