May 25, 2024

Drevo Poznaniya

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Definition of a Will

LIVING WILL: Definition, Requirements, Templates (+How to Write Guide)

A legal document created by an individual with the aim of detailing what will happen after their death as well as how their estate should be divided – highlighting who gets what – is referred to as a will.

This document lays out a variety of wishes, like who should raise your kids, if you have any, how your property should be divided and even the sort of send off you would want.

While it is possible for you to document your own will, you can use the services of a will writing expert. If you’re from Surrey, you should consider hiring rhw solicitors Guildford who can help you in documenting your will.

According to some estimates, up to 60 percent of people don’t have wills. In the event of your death, the people you care about the most may end up losing out, because a set of strict rules will be followed when distributing your property.

Benefits of Having a Will

1. You Get to Specify a Guardian for Your Kids

Your will is not just used to detail how you want your estate to be distributed. It also helps you specify your preferred guardian for your surviving dependents. You can appoint the legal guardian of any dependent that is under the age of 18 years, through your will.

Otherwise, the family court may end up choosing someone you did not want if you do not specify your choice in the will.

2. Securing the Financial Future of Your Kids

You can also layout a plan to provide for your dependent in the future, in addition to specifying who will raise them. Creating a nest egg to be used in funding a home purchase, ensuring that they get a given amount for their maintenance or hobbies each year and putting some money aside for their education, are some of the instructions you can leave using a will.

To have better control over when your kids get the money and how they use it, you may want to consider putting the funds in a trust for your children.

When it comes to setting up a trust, you have two main options. You can choose to have it set up before you die, or direct that it is established after your demise. To find out more about how various types of trusts work as well as the costs involved, take a few moments to go through our guide on will trusts.

3. Ensure All Your Dependents (Step-Children Included) Are Taken Care Of

According to the law, only blood relatives or spouses can inherit your property automatically in case no will was made. If you have stepchildren, or they are your only children, this might be concerning to you.

You will need to capture them in your will, if you want them to be taken care of. This also applies to anyone else who relies on your support, including foster children.

4. Shield Your Partner If You are not Legally Married

Regardless of how long you have been together unless they are expressly included in your will, unmarried partners are not entitled to anything.

You can make sure that your partner will get a fair share of the property you leave behind by writing a will.

5. Making Sure Your Home Remains in the Family

In the event of your death, ownership of your family home does not automatically pass to your step-children or unmarried partner, if the title is in your name. As such, they are at risk of losing their home.

You can give them the right to reside in the property or leave them a share of the property through your will.

6. Avoid Unnecessary Family Squabbles

If you haven’t made your wishes clear and there is no will, the distribution of an estate can end and lead to family disputes in some instances.

In addition to being costly, in the event that decisions surrounding your estate are contested in court, family relationships can be damaged by contested wills.

You can make it easier for your loved ones to grieve peacefully and avoid such disputes with a well-prepared will.