Understanding The Dynamics Of Will Writing
Whenever an individual dies intestate, the family will experience a lot of turmoil either internal or external. Will writing has been way easier by introduction of online platforms where you are guided step by step. Therefore, the era of intestacy should be long gone and each individual should ensure that they have a valid will. In addition, you can look at a sample will before you draft your won will to ensure that you get an idea on how best to draft the will.
One major advantage of will writing is that it helps your family avoid payment of unnecessary inheritance tax. Inheritance tax may constitute a high percentage of the estate value and therefore your beneficiaries will not be able to inherit as much as they would have had you drafted the will. As you draft your will, there are certain provisions of the law that you can use to avoid excessive payment of inheritance tax. A certified tax consultant can help you with the tax planning to ensure your beneficiaries benefit maximally from your estate upon your demise.
So what are the requirements for making a will and who qualifies to draft a will? The advantage of will writing is that it is open to any person who is over the age of eighteen years and who owns some form of estate property. Irrespective of your marital status, religion, sexual orientation, race, political inclination or any other ground, you can draft a will to allocate your estate to the people you feel will take care of it and benefit future generations. You need to identify the following groups of people before you sit down to draft your will.
These are the people who benefit from your estate upon your demise. The beneficiaries may be blood relatives or they may be a group of people not necessarily related to you who you feel would benefit from your estate. This group of people cannot be named as executors of the will since they have a claim over the estate and therefore conflict of interest may arise.
These individuals are responsible for ensuring that the last wishes of the estate owner are respected and executed to the letter. Professional executors have the financial and other knowledge required to ensure that the will is executed to the letter. They are aware of all the provisions of the law that cover their work and respect them. This will reduce the levels of liabilities especially those that accrue due to ignorance. In addition to this, the professional executor should be a trustworthy person who does not have any vested interest in the estate in question.
When selecting professional executors, you should look at the level of skills and experience in dealing with the kind of property in your will. This gives an assurance that they understand how the estate should be run and divided after your demise. In addition, they should not be people of questionable character who may use the estate for their own financial gains. Ensure that you check the background of the professional executor before you contract their services. Their fees should not be so high as to undermine the benefits of the estate to your beneficiaries.
A will may establish a trust if one or more of the beneficiaries is under the age of 18 or even 21 in some cases. The trust is supposed to cater for the expenses of the beneficiaries up to the point where they attain the age mentioned therein. Wills trust usually cover medical expenses, education expenses, daily upkeep and any other expenses that arise. In some cases, it may be established for a particular purpose, say education, and it cannot be used for any other purpose. The executor becomes the trustee unless otherwise stated in the will.
Lasting Power of Attorney
This gives a third party the power to make decisions on your behalf should you lose the mental capacity to make the decisions. The Lasting power of attorney is very helpful in cases where you experience mental illness or excessive depression that mars proper decision making. You have the power to appoint a trusted person to act as your decision maker in your will. The decisions that your appointee can make may range from personal life matters, investments matter or any other form of expenditure. The appointee usually called the done should use his due diligence in the decision making process and act according to what is good for your own interests.
Making a will has become easier and can be done faster than it used to in the past millennium. Therefore, every individual should strive to make a will beforehand. This may save your family a lot of time, money and emotional stress in future. It will also ensure that you estate is not reclaimed by the state should you die intestate. Making a will has never been easier and it is up to you to ensure you leave your estate in the best hands.