The Important Things to Include in Your Will

Have you thought about writing your Will yet? You might not want to think about it, because the thought that you will one day pass away is not a pleasant one to dwell on. However, anything can happen and having a Will is important to ensure that your estate is dealt with the way you would like it to be. 

A Will is the most important part of your estate plan and it will outline the way that you would like your assets to be divided when you pass away. This document will also identify your executor or personal representative who will be responsible for managing your estate and wrapping up your affairs. If you die without a Will, your relatives and dependents could have a big mess on their hands. The government will be able to decide what happens to your assets and they might not go to whom you would choose. 

What Should a Will Include?

So what sort of information should a Will actually include? First of all, you should make a complete and comprehensive inventory of all your financial assets including your credit cards, bank accounts, retirement funds, investments, real estate and much more. It is only when you understand exactly what you have that you will be able to divide it accurately. You can then explain which family members, friends and charities you would like to receive your assets.

Your will should also have information about who you would like to appoint as your executor. This is the person who will be responsible for dividing up your estate and conducting your affairs. It is a good idea to choose a backup executor in case your first choice dies before you or cannot perform their duties for whatever reason. Usually the executor is a trusted family member, friend or solicitor.

If you have children that are under the age of 18, your Will must also include information about who you would like to become the legal guardian of these children. Think about whom in your family and friends would be the best caregiver for your children and talk to them about whether they would be willing to take on the responsibility. You should also talk to your children about the choice to make sure that they are happy with who you have chosen.

These are just a few of the important details that your Will should include, of course yours Will be unique to your situation and might include other aspects. 

Taylor Brunswick Can Offer Will Planning Advice

If you are planning your Hong Kong Will, Taylor Brunswick can help you by offering you personal insurance that will put your mind at ease. They have years of experience with Will planning and they will be able to get to know your situation and provide you with advice that suits your particular needs.

Writing your Will can be quite confusing and overwhelming, but you don’t have to face it on your own. Enlist the help of these experienced and dedicated financial advisers to ensure that you have created the perfect Will for your needs.

Some Legal Needs that Seniors Need to Consider

When you’re in your 50s or 60s and looking forward to the day you retire, you think that you can finally kick back and relax after spending more than half of your life working. But there are so many things you need to settle first like important legal documents.

Living Will 

When you hear the word will, it is usually associated with death, which is something people rarely or even avoid talking about. We don’t like to be reminded of our mortality and often times evade this topic when it comes into a conversation. Still it doesn’t change the reality that death is inevitable and we never know when it will come for us. This very unpredictability is the reason why it is important to set legal affairs in order at the earliest possible time. One of the things one can do to prepare is to have his lawyer draft a living will. 

A living will is different from an ordinary will. The former is a legal document, which is normally used to express one’s wishes when it comes to medical treatments that may prolong his life. The latter is a document with instructions on how you want assets--property and estate--to be divided after you have passed on. A living will is akin to an advance directive that will take effect if ever one becomes terminally ill. It will help inform the health care providers and even family about the desired medical treatment in case a person has become incapable of speaking for himself. 

Living Trust

A living trust is often confused with a living will but they couldn’t be more different. The latter has more to do with your wellbeing and health and serves as a guide for your family and health care providers on how to proceed in the event you become incapacitated. The former is a legal document that is akin to a will in that it will contain your clear instructions on how you want your assets to be distributed among your family and relatives. 

The difference between a will and a living trust is that a will only becomes effective--if and only if--the grantor (yourself) has passed on and the will then enters into probate. Also called “inter vivos trust”, a living trust is a trust created while a person is still alive rather than one that will created only after he or she dies. The process of probate can be time-consuming, not to mention costly, however, if you choose to have a living trust, then it will bypass these extra expenses. 

Small Business

There will come a time--maybe not immediately--during your retirement when you will realize that you want to do something. You might want to start a new business that you can manage on your own or with a small handful of family members. When you’re done pondering on several small business ideas and deciding which one is best for you, you will need to gather requirements--including some legal documents--that will help you get started so you can operate your new business. 

When you’re a senior, I think one of the best things you can do is to prepare yourself for whatever will come in life--be it adventure or challenges. Preparing legal documents ahead of time will help prevent disputes that may arise between family members on distribution of assets. To save on exorbitant lawyer fees, you can avail of prepaid legal plans, which have very budget-friendly monthly fees. 

About the AuthorBased in San Diego California, Tiffany Matthews is a professional writer with over 5 years of professional writing experience. She also blogs about travel, fashion, and anything under the sun at wordbaristas.com, a group blog that she shares with her good friends. In her free time, she likes to travel, read books, and watch movies. You can find her on Twitter as @TiffyCat87.