(My Original Blog Post: http://ping.fm/84EGu)
Don t leave your beneficiaries with additional heartache and hassle.
People who pass away without an up to date will, or intestate, leave costs and worry to their family and often gift lots of money to the State 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 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 existing spouse under the rules of survivorship. Under the current intestacy rules, an unmarried partner has no rights to property and assets that were not jointly owned (although the Law Commission has lately proposed to change this).
Making a will is also critical if you have children, as you can propose guardians to look after them.
It is vital to produce a list of assets and debts and their approximate values. Include your properties, investment, nest egg, insurance policies and pensions.
In addition, consider details of specific bequests. Just informing a relative that an item will be his or hers one day could cause problems later.
You should take professional advice on estate planning as part of writing your will. Simple steps could save the beneficiaries of more well-to-do householders thousands of £'s in tax.
An important element of affecting a will is the naming of executors to make sure that your will instructions are executed.
You should also review your will every 5 years or so and whenever your situation are altered by a substantial life event, such as marriage, divorce or a birth or death in the immediate family. Another instance 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.
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