One important feature of estate planning is making a will. Your family will not lose everything. Or spend hours trying to sort your probate out after your death.
People don’t want to think about their death. That is a big mistake. Read some following scenarios.
Martha and John are in their sixties and have some savings and a house of their own.
They had no mortgage on the house. If one of the spouses’ dies, then the other would inherit the house. But since they had both invested in buying the home. Martha wanted her child from a previous marriage. To receive her inheritance.
They decided to write a will. In which the property will pass on to their children. On their death, rather than reverting to the other spouse. At the same time, they made sure that if one spouse marries. Half of the property would belong to the children.
Sarah and Mina, a couple in their thirties. Have been living together for a couple of years. They have no plans to get married. They have grown close to consider themselves a true partnership.
They even buy property and make investments in the UK. But the wisest move was to make a will as part of their estate planning. Including inheritance tax planning. To ensure that the other partner and family members. Inherited all their assets while adhering to legal requirements. And minimizing tax issues. By including a lasting power of attorney. Providing peace of mind regarding the value of the estate.
By appointing guardians, parents can ensure. That their children are cared for in accordance with their wishes. Building professional links through expert will writing services. Is crucial in this process. Especially when dealing with the grant of probate. When Sarah died, the assets passed on to Mina. Without a will, this would have not been possible. This avoids probate dispute issues.
Tracy and Rachel, who were close to each other. Were estranged from their abusive father. From the time they were old enough to move out. They had no contact with him for years.
Their mother had died. Rachel had carved out a good life for herself. A job and a home. She wanted to help her sister, who had not found her feet.
Sadly Rachel died, and most of her assets went to the father. With whom she had no contact in years, while Tracy was left bereft. With a will in place, this situation could have been avoided. And Tracy could have been cared for.
The more people there are with a right to your inheritance. The more likely it is for there to be arguments and fights after your death.
When Hameeda and Paul died in an accident. They left behind complete chaos because they had neglected to make their will. They were not expecting to die.
The children left behind were just shy of gaining majority. But they were taken into care and had a tough time. In obtaining their rightful inheritance once they came of age.
Mark, all alone in the world, with no family ties. Has been supported throughout his life by a couple of his closest friends. They are like his family. He is aware that the law doesn’t recognise this relationship.
He tries to help them in his lifetime and makes a will. Leaving his assets to be divided between his two friends. When the man died, his two friends were able to inherit his property.
But if he had neglected to take this precaution. His friends would have received nothing. If Mark had died intestate. His entire property would have been taken over by the government. As he has no close family ties for legal inheritance.
Reginald and Rosie were married for a few years, and then they separated. As they bantered back and forth, Rosie decided to change her will, making sure that her husband would not inherit anything just in case she dies before the divorce comes through. She wanted her parents to get her money.
A couple of weeks before the divorce came through, Rosie died. All her property, assets, and money were smoothly passed on to her parents.
She was able to prevent her separated husband from inheriting, according to her wishes. Without a will , Reginald would have inherited the bulk of her assets.