Making a Will
February 25th, 2010
Don t leave your wife and kids with extra expense and hassle.
People who pass away without an up to date will, or intestate, leave complications and costs to their family and often gift thousands of pounds to the Nation in what may be avoidable Inheritance Tax (IHT).
The Law Society says that anyone with assets and family or friends should make a will, no matter 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 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 lately suggested to change this).
Making a will is also critical if you have kids, as you can nominate guardians to care for them.
It is important to create a list of assets and liabilities and their approximate values. Include your properties, investment, savings, insurance policies and pension.
In addition, think about individual legacies. Just telling a family member that an item will be his or hers one day could cause upset later.
You should receive professional advice on inheritance tax planning as part of writing your will. Easy steps could save the beneficiaries of more affluent householders thousands of pounds in tax.
An important component of constructing a will is the appointment of executors to ensure that your will instructions are carried out correctly.
You should also your will every few years or so and whenever your circumstances are altered by a important life event, such as wedding, split up or a birth or death in the immediate family. Another instance would be after a house purchase or move.
Whoever constructs up your will, make sure one copy is kept safe or deposit one with a probate registry.
Consilium offer inheritance tax planning advice in Wiltshire

