Don t leave your loved ones with extra expenses and hassle.
Individuals who pass away without a valid will, or intestate, leave costs and worry to their loved ones and often gift thousands of £’s to the Country in what may be avoidable Inheritance Tax (IHT).

The Law Society says that anyone with assets and family or friends should make a will, irrespective of their age. It is specially important if you are not married to your partner, because the law does not give partners the same rights of inheritance as spouses.
Property that is jointly owned 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 assets and property that were not jointly held (although the Law Commission has lately suggested to change this).

Preparing a will is also vital if you have kids, as you can propose guardians to care for them.

It is vital to produce a list of investments, property and debts and their approximate worth. Include your properties, investment, savings, insurance policies and pension.
In addition, consider making personal bequests. Simply telling a relative that an item will be his or hers one day could cause trouble later.

You should obtain professional advice on IHT planning as part of writing your will. Easy measures could save the beneficiaries of more affluent householders thousands of £’s in taxation.

A vital factor of creating a will is the appointment of executors to make sure that your will wishes are carried out correctly.

You should also update your will every few years or so and whenever your situation are changed by a profound life event, such as marriage, split up or a birth or death in the close family. Another instance would be after a house buy or move.

Whoever draws up your will, make sure 1 copy is kept secure or deposit 1 with a probate registry.

Consilium Asset Management offer inheritance tax planning advice in Wiltshire