How Do I Make a Will?
Don t leave your family and children with extra heartache and hassle.
Individuals who pass away without a valid will, or intestate, result in costs and complications to their family and often gift lots of money 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, disregarding of their age. It is especially 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 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 property that were not jointly held (although the Law Commission has lately suggested to change this).
Constructing a will is also vital if you have minors, as you can appoint guardians to care for them.
It is critical to make a list of investments, propert and debts and their approximate worth. Include your properties, investments, nest egg, insurance policies and pensions.
In addition, consider making personal legacies. Just informing a family member that an item will be his or hers one day could cause upset later.
You should take professional advice on inheritance tax planning as part of writing your will. Easy measures could save the beneficiaries of more well-to-do householders thousands of pounds in taxation.
A vital factor of making a will is the appointment of executors to ensure that your will wishes are carried out correctly.
You should also update your will every five years or so and whenever your circumstances are changed by a profound life event, such as wedding, 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 1 copy is kept secure or deposit 1 with a probate registry.
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Filed under: Finance + Capital, Making Money, Support