(My Original Blog Post: http://ping.fm/v388E)
Don t leave your beneficiaries with extra expenses and complications.
Individuals who pass away without a valid will, or intestate, result in complications ,costs to their beneficiaries and often gift thousands of pounds to the Treasury in what may be avoidable Inheritance Tax (IHT).
The Law Society says that anyone with possessions and family or friends should make a will, regardless of their age. It is especially important if you are not married to your partner, because the law does not accord partners the same rights automatically of inheritance as spouses.
Property that is owned jointly by unmarried partners on a joint tenancy basis would still pass automatically to the surviving partner 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 of late suggested to change this).
Affecting a will is also essential if you have children, as you can appoint guardians to look after them.
It is essential to make a list of investments, propert and debts and their approximate values. Include your properties, investments, nest egg, insurance policies and pensions.
In addition, consider details of specific bequests. Merely informing a relative 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. Simple measures could save the beneficiaries of wealthier householders thousands of £'s in taxation.
A vital factor of making a will is the naming of executors to ensure that your wishes are executed.
You should also review your will every five years or so and whenever your circumstances are altered by a substantial life event, such as wedding, split up 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 acopy is kept secure or deposit it with a probate registry
