Don t leave your family and children with extra expenses and complications.
Individuals who pass away without a valid will, or intestate, leave 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 possessions and family or friends should make a will, disregarding of their years. It is particularly important if you are not married to your partner, because the law does not accord partners the same rights automatically of inheritance as spouses.
Property that is jointly owned by unmarried partners on a joint tenancy basis would still go to automatically to the living spouse 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 lately proposed to change this).
Making a will is also vital if you have children, as you can nominate guardians to care for them.
It is critical to produce a list of investments, property and debts and their approximate worth. Include your properties, investment, nest egg, insurance policies and pensions.
In addition, consider details of single bequests. Merely telling a family member that an item will be his or hers one day could cause difficulty later.
You should get professional advice on IHT planning as part of writing your will. Easy steps could save the beneficiaries of more affluent homeowners thousands of £’s in taxation.
A key factor of preparing a will is the appointment of executors to make sure that your will wishes are carried out correctly.
You should also your will every or so and whenever your circumstances are changed by a significant life event, such as wedding, divorce or a birth or death in the close family. Another example would be after a house purchase or move.
Whoever prepares up your will, make sure at least one copy is kept safe or deposit one with a probate registry.
Consilium Asset Management offer inheritance tax planning advice in Bath
