Time To Make A Will
by Kirsty,
at 4:30 pm
Parenting | permalink | rss
Nothing is certain in life, only death. It’s not a pleasant thought but it’s important consider what will happen to the people you leave behind when you die. As a parent it is crucial. The best way to put your mind at rest about this is to make a will.
By making a will you are able to leave money, property and any other assets you have to the people you love and who will benefit most from them. If you die, and leave no will then strict laws come into play and the family, friends or charities that you might otherwise have chosen to leave things to may miss out.
When writing your will you have the right to choose a guardian for your children. This means that a legal guardian will become responsible for continuing their upbringing should you die before the children reach adulthood. Don’t forget to get your chosen guardian’s consent before writing them into your will! If no will exists or a guardian is not specified then it will fall to your surviving relatives to sort out who will look after the children. Not only will this be extremely difficult (especially where families may have been separated by divorce or long distances are involved), but the children may end up in the care of someone you would never have selected.
Unless a valid will is in place, unmarried partners cannot inherit from each other. You may have lived together for 30 years but if there is no will then the law does not recognise the relationship.
If you have a substantial amount to leave behind when you die, a well written will can ensure that the tax man doesn’t take a huge chunk of your children’s inheritance.
By appointing executors you can ensure that any specific requests you have such as funeral arrangements and the like are carried out.
Will making kits are available all over the place these days. Even Tesco sells them! The only trouble with these kits is that they can leave your will open to dispute if someone chooses to challenge it.
If you have children, step children, or children from a previous relationship then getting advice from a solicitor is vital.
Simply take an inventory of everything that you own. This should include property, jewellery, possessions, cars, bank accounts, life insurance, and any shares you might have. Next make a list of any loans or debts you might have, such as a mortgages, finance agreements and personal or business loans.
Remember to update your will as and when your circumstances change such as the addition of another child to the family or purchase of a new house. Make certain that your executors know whereto find a copy of your most up to date will to make things simpler should the inevitable happen unexpectedly.
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