Why Do I Need a Will?
Sunday, February 21st, 2010
Don t leave your loved ones with extra expenses and hassle.
People who die without a valid will, or intestate, result in complications and costs to their loved ones and often gift lots of money to the State in what may be avoidable Inheritance Tax (IHT).
The Law Society says that anyone with assets and family or friends should make a will, regardless of their years. It is specially important if you are not married to your partner, because the law does not accord partners the same rights automatically of inheritance as spouses.
Assets which are owned jointly by unmarried partners on a joint tenancy basis would still go to 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 owned (although the Law Commission has lately proposed to change this).
Getting a will is also vital if you have children, as you can propose guardians to care for them.
It is vital to create a list of assets and debts and their approximate worth. Include your property, investments, savings, insurance policies and pensions.
In addition, consider details of specific bequests. Just informing a beneficiary that an item will be his or hers one day could cause problems later.
You should obtain professional advice on IHT planning as part of writing your will. Easy steps could save the beneficiaries of wealthier householders thousands of £’s in tax.
An important component of affecting a will is the naming of executors to make sure that your will instructions are carried out correctly.
You should also review your will every few 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 example would be after a house purchase or move.
Whoever makes up your will, make sure at least 1 copy is kept secure or deposit 1 with a probate registry.
Consilium Asset Management Limited provide inheritance tax planning advice in Bath


