Why You May Want To Use A Lawyer To Help Write Your Will

| August 17, 2015 | 0 Comments

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No one likes to think about their will. For one thing, you have to ponder your mortality, and that is a sure-fire way for the early onset of depression. Although it is important to live your life in the here and now, you have to accept that one day you won’t be around to look after your family. There is no worse feeling than embracing, but just imagine if you did it without taking care of your will first. What would that mean for your family and your loved ones?

Don’t worry because you are not alone. No one expects you to pick up a pen and critically analyse every detail by yourself because there are professionals for that exact reason. What you are expected to do is be proactive and enlist the help of a professional before it is too late, and here is why. Remember, the earlier you take care of your will, the earlier you take care of your family and don’t have to worry about it anymore.

Your Family Position Is Complicated

Not every family has the luxury to grow up as a ‘conventional’ group. Marriage is hard work, and sometimes it ends up in divorce. There is no shame in that, and over time everyone reacts and adapts to the changes. But, if your family situation is complicated, then your will is also going to be complicated. You might have children with another partner or you might have children with a disability, and you want to make special arrangements. A good lawyer will have plenty of experience in this field and will make sure it runs smoothly when the time comes.

You Run A Business

You have built a business over the course of your life, so it is only right that you leave that to your kids and loved ones. No one wants to have to deal with the prospect of their life’s work being dismantled when they die. A business is an institution that can pass on through the family for generations, isn’t it? Well, like a family that doesn’t live under one roof, it is complicated because there are more factors than your decision. What if your business has been floated on the stock market? Then, it is owned by a majority of people, and they can veto any decisions you make. A will writing service will be able to include your business as a part of your estate, they will just need to do a lot of work first! Seriously, though, they are an integral part of the process.

You Have Assets Overseas

Different countries have different legislation, and no two are going to match up perfectly. Even if it is only the smallest detail, it could make getting hold of funds a seemingly impossible task. But, storing money overseas is an effective and legal way to save money if done properly, so why is it so complicated? Well, it is legal, but it is also a loophole and the government are trying to close the loophole, they just have gotten around to it yet. Lawyers, however, are specialists when it comes to exploiting loopholes.

The Recipients Might Have To Pay Inheritance Tax

But, the government will make sure they get their cut even when you die. There is nothing surer than that apart from dying and taxes, more specifically inheritance tax. On a property that is worth more than £325,000 left by one individual, the recipient will have to pay a tax or £650,000 for a married couple. There is NO way around inheritance tax, because, unlike overseas assets, there is no loophole. It is closed shut. The receiver will just have to accept that they need to pay, but paying isn’t an easy task which is why a professional is needed. They can advise you how to pay and when the payments need to be made by. The last thing you want is a letter from the taxman telling saying you owe hundreds of thousands in tax.

You Want To Avoid Mistakes

Professionals offer a professional service. That means all the I’s are dotted, and the T’s are crossed and no mistakes are made. If you have ever used a lawyer before, you may have taken this for granted. You just assume that they will cover every base and get the job done, and they will. But, if you do it yourself, you cannot be so certain you will avoid mistakes. In law, mistakes don’t even have to be big ones because a couple of tiny mistakes make all the difference. It could be as simple as forgetting to sign the will or using the wrong witnesses, but you can’t redo the will once you are not here.

You Want Protection

God forbid, if anything does go wrong the majority of lawyers are regulated, which means you are covered should they make a mistake. All you need to do is pick the right lawyer. A simple search on Google will tell you whether they have the right credentials or not, and if they don’t then stay well clear. One complaint to the law firm and you should start the wheels turning, or you family will if you are not around.

The Complicated Stuff Is Made Simple

Obviously, you need to be involved in every part of the process because it is your will after all. However, the process is complicated, and you won’t be able to understand half of the jargon and legal mumbo jumbo. This is where a lawyer starts to earn their cash. They will simplify the process and take care of any details that you are not sure about. That is why picking a lawyer you can trust is so important.

Stored Safely

Where do you put a will once you have made it? That is the million dollar question because you don’t want it in the house just in case. Well, a law firm will even take care of the handling for you, too. Then, you can be certain no one can see it or make any adjustments without notifying you.

Do you think you could handle all that on your own?

Category: Personal Finance

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