Is it Easy to Make a Will?
Don t leave your loved ones with extra expense and hassle.
Individuals who pass away without an up to date will, or intestate, result in costs and complications to their beneficiaries and often gift thousands of pounds to the Government in what may be avoidable Inheritance Tax (IHT).
The Law Society says that anyone with possessions and family or friends should make a will, irrespective of their years. It is particularly important if you are not married to your partner, because the law does not give partners the same automatic 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 property or assets that were not jointly owned (although the Law Commission has recently proposed to change this).
Doing a will is also vital if you have children, as you can propose guardians to look after them.
It is essential to produce a list of investments, propert and debts and their approximate values. Include your property, investment, savings, insurance policies and pensions.
In addition, consider details of specific legacies. Simply telling a family member that an item will be his or hers one day could cause difficulty later.
You should obtain professional advice on IHT planning as part of writing your will. Easy measures could save the beneficiaries of more well-off homeowners thousands of £’s in taxation.
A vital factor of forming a will is the appointment of executors to make sure that your will instructions are carried out.
You should also update your will every or so and whenever your circumstances are changed 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 at least one copy is kept secure or deposit one with a probate registry.
Consilium Asset Management LTD provide will writing services in Bristol
