The Importance of a Last Will & Testament

The Importance of a Last Will & Testament

Modern society puts a great deal of stress on an individual, with the financial responsibility and the concern about the familys well-being. If you are the breadwinner and the mainstay of financial support for your partner and the children, one cannot afford to take any chances, and by far the wisest step one could take is to write a Will.

Asset Protection

Those who do not bother making a Will are usually under the misapprehension that in the event of their passing, everything would somehow work out as you would have liked. Unfortunately, this is far from the truth, and if a person dies without leaving a Last Will & Testament, the estate is subject to draconian British laws, and this might have serious consequences for the welfare of your family in the event of your death.

Ensuring Your Wishes Are Implemented

We work hard all of our lives, trying to build a significant financial reward in order that our children can have a secure future, and should the worst happen, it is vital that you have left a legally binding document in the hands of a responsible person. Ideally, it is best to use the services of a Will storage company, who can ensure that the original is securely stored, and available at any time for the authorised person. There might, for example, be certain items you own that have sentimental value, and you would like for a friend or family member to inherit it upon your passing. The Will can contain all the details of the person’s last wishes, and without it, things are not likely to end up as you would have liked.

Setting Up Trusts

In some cases, it is wise to create a Trust, from which finances can be dispersed to the children in a controlled way. There are online Will writing specialists, and a Google search will soon have you talking to an expert, who can advise you accordingly. There are also tax implications to consider, and a Will writing expert would be able to suggest ways of minimising taxation, which is sometimes overlooked.

The Executor

When writing a Will, it is essential to nominate a person who will be the executor, which involves implementing the deceased person’s last wishes, in accordance with the Will. This person has a number of responsibilities, which include obtaining the Death Certificate and closing bank accounts, and of course, overseeing the details of the Will, ensuring that things are divided according to the legally binding document.

If you have decided to go ahead and do something that has always been in the back of your mind, you might be wondering how to make contact with the right legal expert, and the best way to source such a law firm is an Internet search. Once you have made contact, you can begin the process of ensuring that your family is always looked after, no matter what.

Related posts

Leave a Comment