If you haven’t got a will, it’s high time you get around to write a will. If you don’t, your assets may very well be in limbo for years. A lot of people never get around to writing one. Probably, they don’t want to address their mortality or don’t want to pay for it. However, there lots of problems can come about if you don’t write a will. Your loved ones may not be able to access your assets. Be it in the form of real estate, cash, or things of value. Also, the fate of dependent minors may be affected.
Nobody likes to think about death. However, you have to do so because you never know when you may pass away. It can be due to an illness, an accident, or even old age. When you write a will, you’re easing the procedures that your loved ones have to go through after your death. Hence, gives them time to grieve.
A couple of things people want to address in wills include:
If you have dependent minors under your care, you can name someone to take care of them in the case of your death. Through this, you can make sure they will be provided money for their care.
Unfortunately, the law typically doesn’t recognize unmarried partners. Your assets probably will not go to an unmarried partner unless you specify so in your will.
In the case of divorce, you may want to update your will.
You can name someone to take care of your pet after your passing. Also, you can make sure they get the money to do so.
Many people plan parts of their own funerals in their wills. Some mention whether they want to be buried or cremated. Some specify other wishes. Mention in your will specific instructions you want to give with regard to your funeral. This will also make things easier on your family. They do not have to be stressed out planning your funeral.
If you have property purchased under “joint tenant” mortgages, expect your share to pass to the other owner. If you own other private or investment property, however, you can specify who your property will be going to. Note that if you have property overseas, the laws may not be the same.
In major life milestones such as marriage, divorce, or kids, make sure to update your will accordingly.
In a will, you name an executor. This makes it possible for someone to authorize payments and other things for your small business as well. If you fail to write a will and name an executor, your small business could very well collapse.
Your executors will be taking care of your finances after your passing. Most of the time, people choose close friends or relatives. They choose who they consider level-headed and trustworthy enough to care for their finances. There are a few people who name banks or solicitors, but it’s important to note that this will often mean huge fees.
Your executor(s) will assume responsibility for your mortgage and/or other debts and manage the finances of your businesses and other assets, including property, car, savings, investments, pension fund, life insurance, valuables, pets, and others. Some people even provide login information for their online accounts so that their executors can wrap those things up for them.
Major function of wills includes to pass on your assets according to your wishes. That means you get to decide where all the assets that you own go. Your property, your businesses, cars, savings, and more will be left to who you see fit. That being said, they do not necessarily have to claim it. If a beneficiary chooses to turn down a bequest, that asset will be added to the residue of the estate. Also, it will be dealt with according to the residuary clause in your will.
If you have children and/or other dependent minors, the responsibility of their care passes to the closest person with “parental responsibility.” This will, of course, first refer to the mother and the father of the children, although other close relatives will follow.
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