How to Ensure You Set up Your Will Properly
Posted on: 13 January 2017
Do you, like most people, tend to think that you're indestructible? If so, this is probably why you haven't bothered to make your own will. Yet one of these days you're just not going to be around any more and if you haven't taken the time to do this, you're going to leave even more upset behind for your unfortunate family. They have enough to deal with in mourning your loss and you want to make sure that your assets go to the appropriate people. However, when you do make a will, you have to make sure that you do it properly. What do you have to bear in mind, to get the job done right?
Managing It All
Firstly, you need to choose who is going to be the executor. You should reach out and ask them whether they are willing to do this first, as it is a very responsible task. The executor will handle the distribution of your estate in the event. If you do decide that this is going to be your significant other, make sure that you make provisions for a substitute as well. It's not pleasant to think about it, but both of you could be in the same fatal accident.
Who Will Be the Guardian?
If this tragedy were indeed to befall both of you, what would happen to the children? You need to appoint guardians in case both parents die while their children are still under legal age. You should definitely appoint your significant other as the guardian of record, but once again you will need a substitute here.
Setting up Trusts
Many people choose to set up a trust in the name of their children and this has to be managed. Be sure to specify a trustee that you can trust! They will have the onerous task of ensuring that the money you leave behind is invested properly, so that it is of maximum benefit to the children when they get it.
Leaving Legacies
Looking at items of sentimental value, be sure to stipulate these as individual legacies to a specific beneficiary. Do the same with any family heirlooms or important keepsakes. Be careful to ensure that all valuable items are accounted for and that none are left over, as otherwise the executors will have to declare these as "intestate," which opens up a whole new process.
Getting the Right Help
Bring in the professionals. You ought to talk with a tax lawyer to see how your dependents fare when it comes to any inheritance tax obligations. Certain tax planning may be able to save them some money in the long run. Also, bring in a solicitor who specialises in drawing up wills. It's not really a good idea to try and do it yourself, as there is a lot on the line, of course.
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