Have You Prepared Your Will Yet?
Are you getting married, expecting a child, or entering your retirement years and have not prepared your will yet, or have not updated your will in a long time, now is the time to start the process. Wills are an important piece of documentation and can be created fairly quickly.
Sure, no one likes to think about death, but if you do not have a proper will prepared prior to your death, your loved ones may not be protected and your estate may go elsewhere. This is why it is so important to take the time to prepare a will asap, so you can protect your loved ones and pass on your estate without issue.
What to Include in a Will
A will is used to specifically detail how you want things to be handled in the event of your death. Wills are official and the courts require that everything in the will be followed through exactly how it is written. There are numerous things that you can include in a will, but below is a look at the most common issues that are addressed in a will.
• A detailed list of exactly how you want your assets to be distributed, including donations. This will include a detailed list of who get what assets after your death.
• Arrangement for the care of any children you have that are under the age of 18-years old.
• A will can be used to create a trust fund, or funds, after your death.
• A will can include details about how you want your funeral to be arranged and where you would like to be buried.
Should You Seek Professional Help?
Since wills are official documents, it is highly recommended that you talk to a professional public trustee, solicitor, or attorney. They will help to make sure that your will is completed properly, so your family will have no problem carrying out your wishes after you have passed away. This is very important because just one small error in completing your will could make the will invalid. If you are a senior over the age of 60-years old, you may qualify for free, or reduced services to have your will completed by a professional. You should check with the Public Trustees in your local area to see what help is available for you.
Do You Need to Select a Power of Attorney?
In addition to a will, it is also recommended that you select a power of attorney before it is too late. You can select someone to be your enduring power of attorney, which means that this person will take control of your financial and legal decision-making power, if you become unable to do so at some point in the future. You can also select a medical power of attorney, which will give someone the power to make your medical decisions for you if you become unable to make them yourself. While these powers of attorneys will not take over your affairs until you lose your capacities and are unable to make these decisions on your own, it is important that you select these people before you get to that point. You must also have official documentation completed to make someone a power of attorney over you.
While you may not like to think about death, it is so important that you have these documents in place before an emergency occurs. An attorney or public trustee can help you through the entire process and ensure that the proper documentation is completed. This will ensure that you are taken care of before your death and that you affairs are handled properly after your death.
Image courtesy of Grant Cochrane / FreeDigitalPhotos.net