Making a Will
March 2nd, 2010
Don t leave your loved ones with extra worry and complications.
People who die without a valid will, or intestate, result in complications and costs to their beneficiaries and often gift thousands of pounds to the Country 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 especially 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 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 any assets that were not jointly held (although the Law Commission has of late proposed to change this).
Affecting a will is also critical if you have children, as you can nominate guardians to look after them.
It is vital to make a list of assets and debts and their approximate worth. Include your house, investment, savings, insurance policies and pensions.
In addition, consider details of personal bequests. Just telling a relative that an item will be his or hers one day could cause problems later.
You should receive professional advice on inheritance tax planning as part of writing your will. Simple measures could save the beneficiaries of more affluent householders thousands of pounds in tax.
An essential component of creating a will is the naming of executors to make sure that your will wishes are carried out correctly.
You should also review your will every 5 years or so and whenever your circumstances are changed by a significant life event, such as marriage, split up or a birth or death in the close family. Another instance would be after a house purchase or move.
Whoever makes up your will, make sure one copy is kept secure or deposit one with a probate registry.
Consilium Asset Management provide will writing services in Bristol



















