Every person, whether you are divorced, married, single, a parent, childless, in bad health or in good health, has to think about having a Will for the simple reason that, without one, you will not be able to determine who among your close ones should receive your assets.
Every country has a default plan for how someone’s property should be distributed if they die without a Will. Default Will depend on your marital status, whether you are living with siblings, parents, or have children. In addition, if you die and do not have living relatives, the country will not give permission to distribute your assets to any friends or a charity. Instead, they will end up going to the country. This is why it is important that every person living in any country makes a Will and passes down their property to people who are dear to them. Leaving behind your assets for your family can give them a form of security after your death, sometimes, this could be financial too.
If you have decided to make a Will, here are some factors you should be well aware of.
#1- Who is the Executor?
An executor in a Will is the person whom you have decided to nominate as your personal representative. Their goal is to be responsible for the division of your property and ensure that all your wishes are handled well in the end.
#2-Who Should Look After Your Children after Your Death?
After your death, wouldn’t it be good to know that you have left your children in the custody of the right person who will take care of them just as you would? For this, you have to appoint someone you think should be their guardian. However, stating this in a Will is only applicable to children who are under the age of eighteen. In cases where both parents die, the guardian will have the right to take care of the children. So when you make a Will, ensure that you leave this responsibility with someone you know you can depend on after your death.
#3- What is a Trust?
Just like a safety deposit box, assets can be added to and removed from a Trust during your lifetime. If you have large expenses that cannot be met out of normal income, like a new car, holiday, or house repairs, the appropriate sum can be transferred to your bank account from the Trust.
You are named as the 'Principal Beneficiary' of the Trust and retain full control of the assets within the Trust while you are alive and have mental capacity. You are free to move home, or release equity from the Trust at any time.
As the Principal Beneficiary of the Trust, you have a guaranteed right of occupation in the property for the remainder of your life. The Trustees, usually your children, cannot evict you under any circumstances.
You can direct the Trustees to sell the property and to buy a new property of your choice. If the new property you are acquiring is more expensive, the Trustees can only be required to buy the new property if the additional capital required is paid into the Trust by you.
If you decide to include a Trust in your final Will, you will be given the choice to appoint Trustees. At the appropriate time, they will take the responsibility of managing all your assets in accordance with the rules and regulations you state in your Will.
For any additional information contact The Will Associates today by calling us on 0800 9500 700 to arrange a free, no obligation consultation at a time convenient to you and your loved ones, in the comfort of your own home.