Making a will is a relatively simple and not very expensive process, however, despite this 7 out of 10 people in the UK die without a will.
Could it be we think we will live forever? Maybe because of the improvements in medical research since the 80s, people are living longer and therefore not coming into contact with death as much as they used to. Nowadays, people can be well into adulthood before a loss of a loved one or close friend happens.Maybe, we don't like to face up to our own mortality or maybe thinking about dying may bring the event closer to our doorstep.
A death in the family is always a tragedy, particularly if it is sudden or unexpected. If surviving relatives then have to battle with legalities to get what they thought was rightfully theirs then the burden can be greatly intensified.
If somebody dies intestate it can often take two years or longer to sort everything out, and in the meantime bank or building society accounts could be frozen. In cases where a valid Will – which has been written, signed and witnessed – has been made the average length of time is only six months.
In the absence of a signed Will, and for those living in England and Wales (rules vary in Scotland), the government dictates who gets what of your estate, depending on your domestic circumstances.
Here are the current rules as to who gets what:
Married with Children (separated people are treated under these rules as still being married)
Your spouse gets:-
a) car and house contents, plus
b) first £125,000 of your estate, plus
c) 6% interest on half of any surplus (only interest, your spouse cannot touch the capital)
Plus, your children (stepchildren get nothing) get:-
a) half of any excess over £125,000 outright, plus
b) the other half of the excess when your spouse has also died
Married with No Children but with Parents and/or Brothers and Sisters
Your spouse gets:-
a) car and house contents, plus
b) first £200,000 of your estate, plus
c) half of any excess over £200,000 outright Plus, your parents or (if none alive) your brothers and sisters get:-
a) Balance ie half of any excess over £200,000 outright
Married with Children and No Parents or Brothers and Sisters
Your spouse gets everything
Single, Widowed or Divorced (but not separated)
Everything goes to your children (if any), otherwise to your parents (if alive), otherwise to your brothers and sisters (or their children), otherwise your grandparents (if alive), otherwise your uncles and aunts (or their children), otherwise to the government.
If it all seems a little complicated, just think how complicated it could be for the ones who have to sort it all out!
As I mentioned in the summary, why would we spend all our lives looking out for our loved ones only to leave them to suffer. Not only with the loss but also with possible financial hardship at a time when they need us the most.
Really there are no valid excuses not to make a will, are there?
For more information about making your will visit http://www.domakeawill.com/
Article Source: http://EzineArticles.com/?expert=David_Whitworth
Thursday, July 12, 2007
Why Do You Need A Living Trust
You may have heard of a living trust, but maybe you think that only rich people need or can create such a thing. Actually, a living trust is relatively easy to create, and there are very valid reasons why you and I should consider creating one. A living trust effectively empowers your designated trustee to manage the trust's assets and property for the benefit of you and your family. The trustee can be anyone you choose, including yourself! You will also be able to appoint a successor trustee, much like an executor of a last will and testament, who will see that your wishes are carried out.
Another thing that prevents us from taking this step is that most of us simply do not want to think about what would happen if we die or become incapacitated. This type of thought frightens us or makes us feel bad. We do not want to comprehend the fact that we will die some day. But, what will happen to our family? Are there small children in the home? Where will they go? What will happen to them?
These are questions everyone needs to answer and answer as soon as possible. Life comes at us quickly and it ends just as fast. While this is not a pleasant thought, it is something that needs to be discussed and planned for. A living trust can assist an individual in having their desires followed if they cannot answer for themselves. It is also vital that everyone take time out of their busy lives and accomplish a living trust.
Despite the feeling that most of us have that this is over our heads, an individual can obtain the necessary legal documents and forms without a lawyer's help. They are relatively straightforward and simple to fill out. It is very important for a person to complete a living trust so that their hopes and desires can be realized even after they are gone. The paperwork will normally just take a couple of hours to fill out. Every few months or when things in an individual's life changes dramatically these documents will need to be updated.
It really is that simple. It will not take long and, thanks to your living trust, your loved ones will not have to figure out your desires when you are gone. Your living trust will settle the estate. Many times when an individual does not have a living trust, or at least a will, the government can take what rightly belongs to their loved ones.
This type of document can assist you with what you would like to accomplish. If you are seriously hurt in an accident, a living trust will assure that you receive exactly the care that you want. An individual may choose not to live on a breathing machine or with a feeding tube for the remainder of their lives. This is important for loved ones to understand the significance of a person's wishes. Without a living trust your loved ones may be fighting over what they think is best for you when you are not able to speak your wishes.
Instead of the young children winding up with the comfort of a caring relative, they could end up in the state's custody. No parent would want that for their child. They need to have a living trust to ensure their well-being and others in the family. It is an important step to take at any age. Tomorrow may never come, live for today and protect your family for the future.
An individual is terrified of death or becoming a burden on other people. You can control what happens after the unthinkable occurs. Obtain the paperwork to complete a living trust. It is the most important step an individual can take in their lives. Do not let the state or government be in charge of the future of your family. Finish those papers and put them somewhere safe. After they are completed, talk to family members and let them know what the final wishes and desires are. They need to know what will happen if a major part of the family is no longer around.
As complicated as it seems, establishing a living trust, whether a joint trust or some type of revocable trust, is simple and easy with the forms and software that is available today.
Donovan Baldwin is a Texas writer and a University of West Florida alumnus. He is a member of Mensa and is retired from the U. S. Army after 21 years of service. In his career, he has held many managerial and supervisory positions. However, his main pleasures have long been writing, nature, .and fitness. In the last few years, he has been able to combine these pleasures by writing poetry and articles on subjects such as health, fitness,yoga, writing, the environment, happiness, self improvement, and weight loss.
You can find information on legal forms and software at http://www.legal-forms-supermarket.com/ You can learn more about the living trust at http://legal-forms-supermarket.com/about/living_trust.html
Article Source: http://EzineArticles.com/?expert=Donovan_Baldwin
Another thing that prevents us from taking this step is that most of us simply do not want to think about what would happen if we die or become incapacitated. This type of thought frightens us or makes us feel bad. We do not want to comprehend the fact that we will die some day. But, what will happen to our family? Are there small children in the home? Where will they go? What will happen to them?
These are questions everyone needs to answer and answer as soon as possible. Life comes at us quickly and it ends just as fast. While this is not a pleasant thought, it is something that needs to be discussed and planned for. A living trust can assist an individual in having their desires followed if they cannot answer for themselves. It is also vital that everyone take time out of their busy lives and accomplish a living trust.
Despite the feeling that most of us have that this is over our heads, an individual can obtain the necessary legal documents and forms without a lawyer's help. They are relatively straightforward and simple to fill out. It is very important for a person to complete a living trust so that their hopes and desires can be realized even after they are gone. The paperwork will normally just take a couple of hours to fill out. Every few months or when things in an individual's life changes dramatically these documents will need to be updated.
It really is that simple. It will not take long and, thanks to your living trust, your loved ones will not have to figure out your desires when you are gone. Your living trust will settle the estate. Many times when an individual does not have a living trust, or at least a will, the government can take what rightly belongs to their loved ones.
This type of document can assist you with what you would like to accomplish. If you are seriously hurt in an accident, a living trust will assure that you receive exactly the care that you want. An individual may choose not to live on a breathing machine or with a feeding tube for the remainder of their lives. This is important for loved ones to understand the significance of a person's wishes. Without a living trust your loved ones may be fighting over what they think is best for you when you are not able to speak your wishes.
Instead of the young children winding up with the comfort of a caring relative, they could end up in the state's custody. No parent would want that for their child. They need to have a living trust to ensure their well-being and others in the family. It is an important step to take at any age. Tomorrow may never come, live for today and protect your family for the future.
An individual is terrified of death or becoming a burden on other people. You can control what happens after the unthinkable occurs. Obtain the paperwork to complete a living trust. It is the most important step an individual can take in their lives. Do not let the state or government be in charge of the future of your family. Finish those papers and put them somewhere safe. After they are completed, talk to family members and let them know what the final wishes and desires are. They need to know what will happen if a major part of the family is no longer around.
As complicated as it seems, establishing a living trust, whether a joint trust or some type of revocable trust, is simple and easy with the forms and software that is available today.
Donovan Baldwin is a Texas writer and a University of West Florida alumnus. He is a member of Mensa and is retired from the U. S. Army after 21 years of service. In his career, he has held many managerial and supervisory positions. However, his main pleasures have long been writing, nature, .and fitness. In the last few years, he has been able to combine these pleasures by writing poetry and articles on subjects such as health, fitness,yoga, writing, the environment, happiness, self improvement, and weight loss.
You can find information on legal forms and software at http://www.legal-forms-supermarket.com/ You can learn more about the living trust at http://legal-forms-supermarket.com/about/living_trust.html
Article Source: http://EzineArticles.com/?expert=Donovan_Baldwin
Subscribe to:
Posts (Atom)