Writing a Will Part 2: Making bequestsOn Tue, 25 October, 2016 - 13:37
Property: I hope to soon be the proud co-owner of a flat, so my partner will be the beneficiary of my share of our jointly owned property. If you are co-habiting it is important to have a valid will in place as cohabitees will not automatically have rights. It is a good idea to talk to your solicitor about any complicating circumstances regarding what you would like to happen to your property when you die – for example if you want to create a trust.
Pension: Some pension schemes allow you to name the beneficiaries of your pension through an ‘Expression of Wish’. Since the new laws introduced in April 2015, if you die before the age of 75 no tax will be charged on pension savings left to a beneficiary. I found this article helpful.
Savings: At the moment I don’t have much, but if you have substantial savings in an ISA you might want to look into the rules of inheritance and tax more thoroughly.
Valuables: To leave specific items to named beneficiaries is called a specific bequest. I leave my car to my partner and my grandmother’s jewellery to my mother. Any other valuable or sentimental items should also be included. If you have any Buddhist art or statues you may want to include these in a specific bequest to a particular person or Buddhist Centre.
It is worth noting that inheritance tax is applicable for money and property if you are an unmarried couple.