Don t leave your wife and kids with extra costs and complications.
People who die without a valid will, or intestate, leave costs and worry to their families and often gift thousands of £’s to the Nation in what may be avoidable Inheritance Tax (IHT).
The Law Society says that anyone with possessions and family or friends should make a will, no matter of their years. It is specially important if you are not married to your partner, because the law does not give partners the same rights automatically of inheritance as spouses.
Property that is owned jointly 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 assets or property that were not jointly owned (although the Law Commission has recently proposed to change this).
Getting a will is also vital if you have children, as you can appoint guardians to look after them.
It is vital to produce a list of investments, propert and debts and their approximate values. Include your properties, investment, nest egg, insurance policies and pensions.
In addition, consider making individual bequests. Merely telling a relative that an item will be his or hers one day could cause problems later.
You should take professional advice on IHT planning as part of writing your will. Easy steps could save the beneficiaries of more affluent householders thousands of pounds in taxation.
An essential factor of constructing a will is the appointment of executors to make sure that your will instructions are carried out.
You should also your will every few years or so and whenever your circumstances are altered by a profound life event, such as wedding, divorce or a birth or death in the close family. Another example would be after a house purchase or move.
Whoever draws up your will, make sure one copy is kept safe or deposit one with a probate registry.
Consilium provide will writing services in Bristol

