Making a Will
The Ins and Outs of Making a Will
By Ki Gray
Writing a will is one of those things, like flossing every day, that people mean to do but tends to stay on the to-do list for a long time. Maybe it’s planning for death that causes people to put off drafting this important document. However, if you own anything, from a computer to a house, you need a will.
Drafting a last will and testament will ensure that your wishes in regard to your property and assets will be carried out after your death. A will can designate everything from the essential, like who will care for your children, to the mundane, like who will get your stamp collection.
Drafting a will is even easier these days with services and forms available on the Internet. In fact, you can draft your own simple will without the assistance of a lawyer, although it’s not a bad idea to get legal advice on this important document. Check state laws for requirements of witnesses and notary if you make your own will.
Some things to consider before drafting a will is that you will need to name an executor, the person designated to carry out the terms of your will. If you have minor children, you also need to designate who you would like to care for them in the event of your death. While these are unpleasant scenarios to consider, you will have some peace of mind knowing you are looking after your family’s best interest for years to come. You should let both your intended executor and children’s guardian know what you have in mind for them before officially naming them in your will.
Your beneficiaries, the people named in your will to receive your assets, do not need to know the contents of the will before your death. Your will should be kept in a safe place, like a safe deposit box or a fireproof place in your home, and you should let someone know where it can be found. As the circumstances of your life changes, you can make changes to your will, with written amendments called codicils. If you write a new will, make sure all copies of your previous will are destroyed to avoid the confusion and problems having more than one will can cause.
It may take a little more time and money, but setting up a trust may be a smarter way to go if you own property or have extensive assets. Probate is the court that validates a last will and testament and oversees the executor. Having a trust, rather than a simple will, can help avoid probate hassles. Setting up a trust requires a lawyer and involves a certain amount of long term estate planning. Whether it’s writing a will or setting up a trust, it’s time to mark it off the to-do list.
Ki looks with buyers looking in the Austin Texas real estate market. He has created a website which operates as a guide to everything related to Austin real estate. His website maps Austin MLS listings in Austin it also has a section dedicated to Austin luxury homes.
Making a Will – 7 Things to Consider When Making a Will
Making a Will – 7 Things to Consider When Making a Will
By Tim Bishop
Nobody likes to think about dying. But death, like taxation, is unavoidable. If you care about what will happen to your assets when you die, and you wish to make proper provision for your loved ones, then you should ensure that you have a valid and up to date will.
Before making a will, however, you will need to consider the following:
1. Your property – make a list of everything you own and how much it is worth. Include your home and any buy-to-let or holiday property you may have, money in bank or building society accounts, shares, pensions, insurance policies, any personal valuables and any business interests you own.
2. Providing for your loved ones – who you would like to bequeath your property to? Make sure that you make proper provision for your spouse or partner, children, extended or previous family members and friends. Do you want to leave some money to a particular charity? Do you want to put any conditions on any of your legacies? A common condition is that children must reach a particular age, say 21, before being entitled to the money that you leave them.
3. Guardians – do you have any minor children? If so, who would you want to care for them if you were to die before they reach the age of 18?
4. Your business interests – what would you like to happen to any business interests you may own after you die?
5. Any other wishes? Are there particular arrangements you wish for your funeral? In particular, would you prefer to be buried or cremated – or do you have some other preference? How do you feel about organ donation?
6. Appointing Executors – executors are people you appoint to administer your estate i.e. carry out your wishes under the will when you die. This could be a family member or close friend, or an experienced professional such as a solicitor. A common and often sensible combination is to appoint both a family member and a solicitor. Make sure that you appoint someone who understands financial issues and don’t forget to make sure that they are prepared to take on the role of executorships should you die. This is vital, as if you have not checked with them first, they could refuse to act as an executor, thus leaving the estate without someone you trust to take care of it. Bear in mind that there can be quite long term responsibilities under the will – especially if your will involves the creation of a trust, for example with regard to your children.
7. Finally don’t forget to make sure you are aware of the tax implications, particularly with regard to inheritance tax, of your will.
It is good advice to review your will at least every 5 years and especially on any major life changes such as marriage, divorce, or having a child. Although nowadays it is possible to draw up your own will, this is very risky – the number of badly drafted wills being contested is on the increase – at vast financial and emotional cost to the estate of the deceased. You should think about getting some professional advice from an experienced wills and probate solicitor – they should be able to draw up a simple will for you for a reasonable fixed cost.
Tim Bishop is senior partner at Bonallack & Bishop, a firm of Andover, Salisbury and Warminster Solicitors with a vast amount of experience in Wills and Probate. Tim is responsible for all major decisions at the firm and has expanded it by 1000% in the last 12 years.
How to Draft a Father’s Rights Will to Make it Legal and Binding
How to Draft a Father’s Rights Will to Make it Legal and Binding
By Dennis Gac
Many people don’t consider constructing a will until they are older, looking to retire, or when medical circumstances arise that makes them consider how much time they have left on this earth. But it’s important when you’re a father to make a will when you are fully capable, to avoid situations that may result in your ex-wife getting more than she was intended to out of your sudden death.
Although you may want certain things to go to certain people when you pass away, unless you have a legally binding will through the courts, your heartfelt designation of property will mean nothing if brought to question by an ex-wife or someone else of beneficial interest. But it is a common misconception that you must have an attorney construct this will for you-anyone can write and file a will, making it legal, without the help of a lawyer or attorney to “make it legal.”
Typically, in order for a will to be handled and defined as “legal,” the will must be created when you are of “sound mind,” meaning you were thinking straight and situations didn’t lead you to create the will out of distress. It must also state that it is the intended document to distribute your property and assets after your death. If types, your will must be signed by you and two other witnesses that attest that you were of “sound mind” as well. This way, there is no question by the courts that you meant for this will to be prepared and that you honestly want your assets dispersed in the way formatted in your will. If for some reason the will is thrown out through court, the courts will handle the property and assets as if there were no will to start.
If, down the road, you decide to make some changes (for example, if you want to change the beneficiary from your children to your new wife), you can make a codicil, or an amendment, to the existing will. But if there are numerous changes that need to be made, you might be better off starting all over again and making a new will, being sure to destroy the old one to avoid confusion that may occur with two legally-binding wills.
Dennis Gac is widely known as “The World’s premier fathers rights Consultant!” But why would you care? Well, I’ll tell you if you rush over to his site… I think you’ll come to your own conclusion that he “IS” the real deal! Experience someone who works and thinks outside the box for you!
Read what others have to say at…. http://www.fathershelphotline.com.