The relative cost of making a will is one of the best investments you can make for your family. So include downloading a form for making a will as a part of your financial review.
Even if you are still relatively young, you should research plenty of information on making a will. It is never too early to start.
Making a last will isn’t only for the old. In fact, the younger you and your dependents are, the more necessary it is to write a will. You don’t even have to go to a lawyer’s office to do so. Making a will at home is also acceptable and relatively simple. In fact, writing a will is one of the most responsible actions you can take for your family, as it provides for their future when you’re not around.
Unfortunately, even the most easygoing siblings can become the bitter enemies over money disputes, and arguments between stepparents and children over inheritances are commonplace.
When you write a will, detail all your assets and who should receive them on your demise. Once this is done, keep it updated as your assets and property may change. Consider leaving bequests in percentages and not dollar values, in case the account value of your estate drops. And be sure to have a competent legal counsel review your will.
One of the best ways to prevent disputes surrounding a will is to make sure your current will reflects your changing family. Did you or your children get divorced or remarried? Do your beneficiaries reflect your wishes? Was a new grandchild born? And what about estate tax laws? These can change every so often, so you might want to alter the nature of your bequests accordingly.
If you have dependent children, unless you nominate guardians for them, the court will decide their future in the event of your untimely passing. You should also select an executor of your estate. However loving your child’s guardian may be, he or she may not have the necessary financial knowledge to run your estate, so you may want to consider two different individuals. Needless to say, choose only the most trusted individuals that you can find. Every time you consider making changes to a will, check with the potential guardian and executor to make sure they are still capable of the potential task at hand. Discuss the matter with the candidates before you write them into your will to make sure that they are willing to take on these very important responsibilities.
Some countries have specific laws over how much a spouse or a child can inherit in the event of dying without a will or a disputed will. Look into these laws and decide what action to take. While you might want your spouse to be well-provided for, you may wish to avoid possible resentment from your children, especially if it is a second marriage and your spouse isn’t their natural parent. (For more advice on planning your retirement, read my article at: http://www.infobarrel.com/How_to_Finance_Now_Your_Retirement_Savings_Plan)
You can’t take your assets with you to the next world, but your proper preparation and a signed will can minimize the fiscal difficulties surviving family members face. So find a simple guide to make a will, and you will be promising your family a much fairer future.
Disclaimer: This article is for educational purposes and is not a substitute for investment advice that takes into account each individual’s special position and needs. Past performance is no guarantee of future returns.