In case, you wonder on the need for will, you should rest assured that a will would protect your assets and family in future. However, most of the people would not be willing to write a will or power of attorney. The result would be conflicts between the families once they are gone. That is not what you have earned money, built a house, made assets, purchased life insurance and dabbled in stocks throughout your life. Regardless, what assets and interests you have, it would be protected and passed on to good hands.
What solution do you have?
The solution is loud and clear – create a will and keep updating it regularly. It may not be an enjoyable task, but holds great importance in your life. Despite understanding the importance of the will, a majority of people would not be having a will.
Let us delve on some of the important aspects associated with writing of the will.
- Whom to ask for taking care of your children and assets?
The executor would be given the responsibility of handling everything after you die. The executor would oversee who gets what and ensure all your debts have been paid timely. A majority of people would appoint their spouse as executor. They would also list a close friend or family member as back-up. You could mention some amount to be paid in the will to the executor as fee, based on complexity and size of the estate.
It would be imperative to appoint guardians for minor children. However, despite children not being property, the courts would look at the will comprehensively about what has been stated in the will about the children. It may not be binding though.
- Do you wish to address specific circumstances?
Wills could simple and complex, similar to your life. People who own shares of various private corporations and business owners would need special treatment while drafting the will. Several kinds of complicated business issues such as distribution of estate, especially when second marriage is there would require prudent consideration. It would be pertinent for the client to tell their entire story.
- Do you have knowledge about your assets?
Most of the times, people may have transferred or sold some part of the property and forgot about it. As a result, when you look forward to giving your assets away, you would like to ensure that you actually own those assets. Regardless, how you own them, the point to consider would be you having ownership of those assets.
- How would you like your assets to be distributed?
When you look forward to dealing with children or other dependants on the fairly, it does not imply you would be dealing with them in an equal manner. Therefore, if you wished to leave a significant amount to someone privately, it would be recommended using insurance company contract. It could either be life insurance or investment account, as both would name a specific beneficiary.
- What is the right time to change the will?
It would be deemed imperative to keep the will updated. In event of there being change in your life, the will requires to be updated as well. There would be several reasons for changing the will, ranging from marriage, re-marriage, divorce, separation, adoption or birth, death of spouse or the executor and any reason that changes your life should prompt you to update the will.
You should see National Will Writing service to ensure your estate would go to the people you intend to give.