Sunday, June 17, 2012

10 Benefits From Making A Will

Perhaps you have been thinking for a while about making a will but have never quite found the time to get around to it; here are 10 Benefits that you will immediately get.

1. Children - If you die and don't nominate guardians for your children who are under the age of 18 then the local Social Services and the Courts will do it for you. If you have children from a previous relationship you can ensure that they will be financially looked after when you have gone.

2. Protect Your Spouse/Civil Partner - If you wish to ensure that your spouse receives what you actually want to leave to them and not have to rely on current government legislation you must document your wishes. The law imposes a limit on the amount of money that passes to a spouse, this could well be a lot less than you wish them to get.

3. Unmarried Couples - It doesn't matter how long you may have been living with your partner, in law nothing will automatically pass to them. Unmarried partners have no legal rights to inherit anything whatsoever.

4. Divorced? - Maybe your divorce was not bitter or acrimonious and you have still left something to your ex partner in your will. But what if they were to remarry? How would you feel if assets ended up in the hands of their new spouse?

5. Separation - For those that have separated but not yet divorced there can be a nasty sting in the tail. Until you receive your Decree Absolute, the marriage is still extant. Should you die, your spouse - even though you don't think of them as such - will be legally entitled to receive your estate, up to the spousal limit.

6. Pets - Most pet owners are very attached to their pets and want to have the peace of mind of knowing what would happen to the "family friend" after they have gone. Writing it down ensures that your wishes are known.

7. Property - The only way to ensure that the full value of your property is protected from attack by the tax authorities, levy of care home fees and creditors is to make a properly structured will. This will mean that all of the value will be left for your family.

8. Funeral Plans - A lot of people have very specific wishes about how they want their funeral to be conducted. Making detailed plans relieves your family from the responsibility of trying to guess what it is that you would have wanted.

9. Small businesses - If you are a sole director or there are only one or two of you the business can be left without a decision maker and nobody who can authorise payments - such as staff wages. You should also make plans for the sale of your share so that your family can receive the benefit of your hard work with as little interference as possible from the tax authorities. If it is your business partner that dies it will ensure that you don't have to liquidate the business to pay their beneficiaries.

10. Living Wills - If you are of unsound mind or unconscious and not able to make your wishes known to the medical profession they have no way of knowing what treatments - if any - that you may not want to receive. Making a living will removes that doubt.

Article Source:

No comments:

Post a Comment