Four Tips To Keep In Mind About A Will
Many changes took place during the pandemic, and with the massive lockdowns and curfews, people were unsure about how they were going to get through. Various Government offices in most parts of the world were shut for a lot of the days and were either working fewer hours or fewer days in a week. People were encouraged not to leave their homes and were told to handle most of their requirements if they were not major when the situation got better.
With the lockdown lifted, now is the time to reach out to your lawyer to have your Will prepared. Here are some pointers to assist with a system that would help everyone if there were a will they could lean on when they needed to get through.
Tip #1: Make a will
If you pass away without making a will, the law says how your property will get distributed and who has the right to “administer” your affairs. Dying without a will can make things more difficult (and more costly) for your loved ones. It can also lead to disputes because the people involved might have had a different understanding or expectation of what would likely happen with them and how they would get through. You need to make sure that they know what is going on.
Tip #2: Ensure you have an estate plan
With estate planning, you may be able to reduce fees and taxes that your estate would otherwise pay. Consider, for example, joint assets, assets with a designated beneficiary, trusts, charitable gifts, etc. There are processes and conversations they should have with a legal team to make sure everyone is on the same page. They would even tell you the requirements that you have so you would be able to get through the process with ease.
Tip #3: Have a clear statement
Having a clear statement of your wishes gives you some control over who gets what after you’re gone. You do not want everyone fighting about what each of them is going to do to get through a process. You always want to give everyone the same direction so they can plan accordingly instead of being in a tricky situation later on.
It also helps your loved ones feel confident they’re carrying out those wishes knowing your intentions will save them time, stress, and money at a difficult time. You would also have everyone involved feeling that you took the last decision on what should be given to whom, and they can plan around that accordingly. You do not want to be in a situation where they need help with some of the work they are doing.
Tip #4: Choose an executor or a Guardian
Preparing a Will lets you choose an executor, who is a person who carries out the instructions in the will. If you’re a parent, you can also appoint a guardian to care for your minor children after your death. You should have guardians who you know, love, and are open to looking after your children, so you know they are safe. You would also need to have someone to assist with the rest of the paperwork, so everyone is on the same page. When children are too young, you might have to wait for them to be of age before making any changes.
If you are looking for assistance when dealing with immigration, real estate, business, and wills and estates, we, at Marwah Law, are the legal practitioners you need. We were providing legal advice for some time now and have been able to assist many clients with their requirements. We provide all aspects of legal assistance that our clients might need. We begin with a detailed conversation with them and then understand their requirements and make suggestions as to what they could do. If you want a better understanding of the services we provide, please click here. If you are looking to get in touch with us or think we can assist with your needs, please click here.