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Don t leave your beneficiaries with extra expense and complications.
People who die without a valid will, or intestate, leave complications and costs to their families and often gift lots of money 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 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 owned jointly by unmarried partners on a joint tenancy basis would still go to automatically to the existing 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 lately proposed to change this).
Establishing a will is also essential if you have children, as you can appoint guardians to care for them.
It is important to make a list of assets and liabilities and their approximate worth. Include your house, investment, nest egg, insurance policies and pension.
In addition, think about single legacies. Just informing a family member that an item will be his or hers one day could cause trouble later.
You should receive professional advice on inheritance tax planning as part of writing your will. Easy steps could save the beneficiaries of more affluent householders thousands of pounds in tax.
An important component of forming a will is the appointment of executors to make sure that your will wishes are executed.
You should also review your will every five years or so and whenever your circumstances are changed by a profound life event, such as marriage, 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 secure or deposit 1 with a probate registry.
Consilium Asset Management Limited offer inheritance tax planning advice in Wiltshire
