Showing posts with label Writing A Will. Show all posts
Showing posts with label Writing A Will. Show all posts

Monday, September 23, 2019

4 Things You Need to Include When Writing Your Will

No one really wants to contemplate his or her own mortality. At some point, though, any responsible person will decide to create a will so that his or her family will be taken care of after he or she is gone. If you are looking into creating a will, you’ll want to make sure that you take care of the issues below.

Immediate Concerns

Always start with the most immediate concerns. If you have children, make sure that you appoint someone to take care of them. If you have pets, include where you want them to go. 

If you have a business, make sure that someone is appointed to run it in your stead. While these may all sound like very basic decisions, they’re the issues with which your family will first have to grapple when you are gone.

Your Funeral

Don’t forget to pay attention to your funeral in your will. If possible, go ahead and specify the funeral home and crematorium that you wish to use. If you have any special wishes, go ahead and include them—while they may not all be honored due to specific laws and regulations, it’s always good for your family to know what you would have wanted.

Special Provisions

You’ll also want to make sure that you get anything special filed away as soon as possible. If you want to leave the bulk of your estate to a charity, you’re going to want to get it in writing early so that no one will challenge your decision. 

If there’s a special item that you want to go to a specific family member, you also need to include that. Remember, there comes a point at which it really is too late to get these special items included.

Special Circumstances

Finally, make sure that you take care of any special circumstances regarding your estate when you make a will. If you have an unusual family situation, make sure that you specify whether an individual is included or if he or she is being purposefully left out.

If you know that your death might lead to specific issues in your business, make sure that you have some method of dealing with those issues included in your will. Do what you can to ensure that confusion isn’t left in your wake.

Always make sure that your will takes care of immediate issues, list your wishes for your funeral planning, and handles any special situations and provisions that might impact your loved ones. The more information you put in the document, the fewer issues with which your family will have to deal.

Sunday, May 21, 2017

Why Writing A Will Is Essential For Business Owners

Most people tend to be lulled into the false sense of security that they don't even have to think about a will yet, because they’re nowhere near the age where they deem its relevant to them. 

As a business owner deciding what would happen to your positions if you passed away isn’t exactly the most pleasant task, but as the responsible owner it is most definitely something that needs to be done as it could cause great complications and unneeded stress to your loved ones. 

A will simply ensures that your assets are shared between the right people, rather than them ending up in the wrong hands or let to battle over – something that you obviously won’t want.

Planning for a Future When You Are Not There

Without a will, all of your possessions end up in the hands of the law, who then decide which assets go to who. 

They don’t just automatically fall into the hands of your loved ones, so it is important to consider this for their sake too. A lot of the time, family members or business partners presume that they will be entitled to so much only to find out that this isn’t the case causing disharmony in the ranks, which isn’t good for the future of the business.

A Will is Good for Business

In some cases where people have passed away, their family home has had to be sold in order to cover their business costs. 

This is a troubling notion for anyone to consider. Once you own a business and have business assets, it makes everything far more complicated. It would be devastating if a business that you spent years building up had to shut down due to your death. 

Furthermore, this could mean that tens or hundreds of your employees would also lose their job which would be a real shame, especially when this could have been avoided with some careful planning. 

Avoid Legal Difficulties

A will also significantly reduces the risk of your business having to shut down due to a legal battle. For example, when the law distributes your assets, they could split your business equally between your next of kin. 

If it was really supposed to go to just one child (because they had actually worked alongside you in the company), then this could result in a heated and lengthy dispute and immense emotional distress for your entire family. 

Furthermore, if it should go to your business partner, you could be faced leaving it behind with a family member that has no experience about your field, ultimately causing problems in a company that you’ve worked so hard to build.

Estate Planning and Inheritance Tax

When you do decide to write up your will, it is important that you consider succession planning, which will increase the advantages of business property relief (BPR). 

This will alleviate inheritance tax for your business, which is a vital area to be precise about in your planning. It ultimately protects your loved ones from being struck with hefty inheritance tax. 

Start Planning Today

The sooner you start planning your will the better to ensure that you and your loves ones are covered, should the unthinkable happen. 

A simple process but one often over looked, there have been thousands of cases where families and businesses are left in jeopardy because people have failed to safeguard for the future. 

Don’t be tempted to leave it until you are growing old or becoming ill, having a will in place will protect your business and your assets in the unfortunate event of sudden death. 

Even if you’re unsure where to start, take the first step by speaking to will solicitors about your options. This will clear up unanswered questions and set you on the right tracks.

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