Understanding who owns what after someone’s death can be complicated, especially if they didn’t have a drafted will. Even the best intention can become the source of conflict if you don’t seek a professional’s help in writing it.
In this guide, we’ll explain what estate planning is and what you should consider while writing your will. Plus, we’ll mention what you can add to your will to ensure the best quality of life in your last days.
What Happens with Property
After someone’s death, all its properties will get a probate or non-probate status.
Probate assets mean that assets like a car, apartment, or a house, have to undergo a court-supervised probate process.
On the other hand, non-probate assets already have a living family member as a new owner, and they can quickly change owners outside of the court. Every non-probate asset is already in the process of becoming the assets of living family members.
Since probate assets have to go through the lengthy process of getting to their living beneficiaries, it’s better to create a will that would make them non-probate.
Estate Planning
Estate planning is a process of drafting documents that will protect your properties and wealth in the event of premature death or illness. It’s essential to take some time and thoroughly plan what will happen with your estate to reduce the Inheritance Tax bill.
When you combine the services of an Estate and Financial planner, you’ll be able to create a detailed plan on how to utilize your money from your pension and savings funds.
What’s more, if you have any passive income, you’ll be able to pass it to your beneficiaries without any legal obstacles or additional tax.
The Importance of Writing a Will
If a family member dies without the will, its inheritance becomes a significant burden to other family members because the inheritance process can become long and excruciating. That’s why it’s pivotal to consult an experienced lawyer and decide who will inherit all your properties.
You have options to write a basic will, living will, or trust will with an Estate Planner’s help. Plus, you can also name an Executor with an intention to ensure the realization of your wishes.
Create a Document
Writing a will is a simple process. All you need to do is make an appointment with an estate planning attorney. The estate planning professionals at https://redwoodfinancial.co.uk/estate-planning/ suggest getting all the necessary information and support before putting all your wishes in writing. If you can’t do this yourself, you can consult a financial planner, an estate attorney, or you can ask opinions from your family members and friends.
A will allows the family to sort everything out without stress and confusion while reducing inheritance tax. For anyone that has children or other family members that depend on them financially, they will provide a chance to leave something to each and every one of them. Otherwise, everything will go to the closest family member or a direct descendant.
Name an Executor
Should you want to leave detailed instructions on organizing your estate or even how to organize a funeral, you can decide to use your attorney as the executor of your will. That way, you’ll rest assured that someone will carry out everything you had in mind and wrote in your will.
An executor can track down estranged family members, give your money to charity or sell your properties and distribute the funds among the beneficiaries you’ve chosen.
Planning Care and Funeral Costs
When you start working on your Estate Planning, you can include as many instructions as you want about how you wish to spend your last days and organize your funeral.
Care planning includes a choice of a facility where you’ll move when you’re no longer able to take care of yourself. If you want to secure a good standard of living as well as the best care, you can plan those expenses in advance. This way, you can protect your assets with the help of a trustworthy Estate Advisor.
Another vital addition to your will could be detailed instructions for your funeral. In case you have specific wishes and a plan where and how you want to be buried, you can have everything as a part of your will. By creating a Paid Funeral Plan, you’ll make it easier for your loved ones and know that you left them without any burdening expenses.
Your will is a law-abiding document that shows everyone what’s going to happen with all your possessions and money after you die.
However, should you decide not to make it, the law will determine what will happen to your estate, and it might not be in line with your plans. That’s why it’s in your family’s best interest to write a will and put your mind at ease.
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