Some find writing their will or testament superstitious, some even find it downright morbid. But we assure you, it’s none of those things and it’s a hefty document to have, and even though you may be in the position to think about your mortality of a bit – if you do prepare a valid document that indicates the what’s and how’s regarding your belonging, it’s going help a lot to protect your loved ones after you die, as well as on the other hand ensure that your possessions are dealt with the way you have chosen to, and not the law.
What is a Last Will and Testament?
So, first of all, what is the last will and testament? It is a legal document that you create to set the instructions on who will inherit what after you die, as well as what’s going to happen to you. If you have underage children, you will also be able to decide who is going to bring them up. Also, as we said, this isn’t a letter, it is an actual legal document, although if not written right, it might end up being ruled not valid in the eye of the law. On that note, you can write it yourself, and if you want to be sure that you are doing it right, be sure to follow the instructions on how to write an effective will. On the other hand, if it so happens that you have a pretty complicated estate, or you just want help, you can always get it from a solicitor or an expert will-writer.
Why is it so Important?
Even though we have already mentioned a couple of reasons in the article, let’s take a look at a couple of detailed reasons in the following text.
1. Your Children’s Guardian
As we have mentioned, writing a will isn’t just about dividing your possessions. Taking care of your kids is even more important, especially if they are under 18 – in which case you get to appoint who their legal guardians are going to be. The experts at Wills Trusts LPA believe that the only legal way to ensure your children’s guardians are the ones who you find responsible and suitable is through the last will and testament. By doing this, you are evading the possibility of letting the family court to do so, and hence it’s all so more important that you write your will right.
2. Your Children’s Finances
Once you have written down the specifics about your children’s guardian, you should also be writing about how you are going to help them financially. How you can execute varies – you can put money aside for every occasion that you find necessary and set the date when they will be able to use it, that way assuring that it will be used exactly for what it is intended. A trust fund is also a good option, and you can even set it up so that it is established after you pass away.
3. Protecting Your Unmarried Partner
If you are unmarried, you should know that legally, your partner isn’t entitled to anything of your belongings unless you state it in your will. It doesn’t matter how long you have been/lived together. So, be sure to include them (if you want to do so), and in that way protect them if something happens.
4. Your Family Home
If you have a family home in your possession, you have the right to leave it to whoever you want, or even split it to multiple people. If you want to, you can even write your last will in such a matter that even though someone is entitled to the property, someone else can gain the right to reside in it as well.
5. Inheritance Tax
Well…do you have an intention to keep giving your money to the state, even post mortem? Did you know that inheritance tax is staggering 40% on the part of your estate? If you didn’t know that, then you probably don’t know that if you have an unmarried partner, the tax tends to rise if you didn’t leave them in your last will. And as far as your married partner or your children, and your unmarried partner, if you have left them in your will, are concerned – they will automatically be exempt from paying the inheritance tax.
In the end, all of us, even while we are alive, tend not to have an upper hand when it comes to law and the regulations that it dictates. But, by writing your last will – you do have a say. In pretty much everything that you are leaving behind, and just the way you want it.