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It is important to plan for the future of your estate – both to protect your current and future assets, and to make sure you provide for those you love when you’re gone. The two key instruments for effective estate planning are your Will and the Power of Attorney.
Making good judgements about the people you put in charge of your finances later in life is critical. We can help you make the right choice – we have years of experience and knowledge to offer. We can assist you in planning to secure your future and avoiding those disastrous legal battles between family members.
You’ve heard the legal term “estate” several times so far – it simply refers to a person’s property and possessions. It encompasses everything that the person owns. That includes all financial assets they hold, as well as their material possessions.
What is a Will?
In essence, a will is a way of setting in stone what somebody would like done with their assets and possessions after they’ve gone. It’s a way of guaranteeing that the people and organizations important to you receive what you’d like them to receive.
Without a will, courts will simply divide your estate among your children, spouse and relatives – and it won’t necessarily be in the proportion you’d like. Also, if you don’t have a will, it’s impossible to give part of your estate to friends or exclude certain relatives from receiving a share.
It can be extremely sad when family ties are broken due to disputes over money. No matter how closely knit you are, large sums of money can adversely affect families when different members have different expectations and senses of entitlement. This can be heartbreaking, especially following the death of a loved family member.
This is why a well-considered will is so important – by having clear and indisputable legal rules in place for the division of assets, it’s clear to all recipients what they are being given, and there’s no room for argument. Everyone gets what they get, and resentment isn’t given the fuel to spiral into bitter dispute.
How Solicitors Can Help
Competent solicitors are the key to creating a well-considered and legally rigorous will. There are certain legal procedures that need to be performed when someone dies, and the last thing you want in a period of immediate grief is to be wrestling with legal technicalities. If wills are left in professional hands, the process of assignment and distribution of assets will be smooth and efficient.
If it’s your will that’s in question, a competent solicitor will help you consider issues you may not have previously thought of. You may know how you want your estate divided, but have you chosen an executor, the person trusted to carry out the instructions in your will? Are there any specific protocols you’d like to stipulate for your funeral? These issues can be easily discussed and set out in your will with your solicitor, turning your wishes into legal requirements.