There comes a time when everyone considers who should be
responsible for managing or running their estates after their demise. Writing a
will is the best way to have an assurance that your estate will be in good
hands and that it will be managed the way you will wish it to be managed. A
will is a legally binding document written by you, the testator, to declare the
person that will manage your estate after your demise. The person named in the
will is called the executor since he or she is responsible for executing your
stated wishes. Estate planning, on the other hand, is planning of naming the
persons who will be running your estate after your death. The estate comprises
of everything that you own including your house, car, investments, checking and
savings account, life insurance, personal possessions and other real estate
properties.
It is important to know what you are required to do when
preparing a will. In order to write a will you must eighteen years and above.
The will must be signed or marked in the presence of two witnesses, and they
should also sign the will in your presence. Your witnesses and their spouses or
civil partners should not be the executors or people who are set to gain from
your will. The witnesses must be present when you are signing the will, but
they should see what is written on it. You must sign or mark the will at the
end. There are various considerations that you should consider carrying out the
estate planning. You should consider naming the guardian in case your children
are minors since they will not be eligible to execute your will if they are
below eighteen years old. You should also include instructions if you are
disabled before your demise. You should also select an estate administrator who
will be responsible for following the rules in the event of your demise. You
should give your estate administrator a copy of your will.
It is also important that you update your life insurance
and annuities to ensure that your beneficiaries are correctly listed. It is
advisable to visit or seek support from a financial planner or an estate
attorney at least once in three years. The power of attorney for property is
whereby you transfer legal obligations to an attorney to manage your property
in case you are incapacitated. You should also have a letter of intent which is
a legal document that defines what you wish a specific asset to be handled by
your beneficiaries or executors. Will writing is a must if you wish to leave
your hard earned investments to benefit your loved ones. With the above will
writing advice, you can be able to make a brilliant decision when writing a
will, so get in touch with us today at http://www.mortgageadviceservices.co.uk/willsAndEstatePlanning/
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