How Do I Make a Will?
Don t leave your family and children with additional heartache and hassle.
Individuals who die without an up to date will, or intestate, result in costs and worry to their loved ones and often gift thousands of £’s to the Government 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 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 jointly owned by unmarried partners on a joint tenancy basis would still pass automatically to the living partner under the rules of survivorship. Under the current intestacy rules, an unmarried partner has no rights to assets or property that were not jointly owned (although the Law Commission has recently proposed to change this).
Constructing a will is also critical if you have minors, as you can appoint guardians to care for them.
It is vital to create a list of assets and debts and their approximate values. Include your properties, investment, nest egg, insurance policies and pension.
In addition, consider details of individual legacies. Just telling a beneficiary 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. Simple measures could save the beneficiaries of more well-to-do householders thousands of £’s in tax.
An essential element of preparing a will is the naming of executors to ensure that your will wishes are executed.
You should also 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 example would be after a house buy or move.
Whoever prepares up your will, make sure at least one copy is kept safe or deposit 1 with a probate registry.
Consilium Asset Management LTD offer will writing services in Bristol
