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Where There’s A Will, There’s A Way

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Death is a touchy subject for most. A lot of people will avoid thinking about the inevitable until it’s too late. If you don’t take the right steps in life, when you die, your money can take months to be passed to those who should have it or even be lost.

Obviously, everybody wants their money to go to their loved ones, and not the bank. And, in their time of grieving, you don’t want to make their life harder. Although, it’s horrible to think about, you need to prepare your assets for when it’s time to leave a legacy. This post will take you through some of the important things to think about.

 

  • Do I Need A Will?

 

As you get older, your life will change, and your responsibilities will shift. If you’re young and don’t have a spouse or any children, you probably don’t need a will. At this point in life, most people don’t have any significant assets to pass on. If you are married, and all of your assets are shared, you are likely to only require a will if you both pass.

But, if you have children or are married, you’ll need a will. A will protects your assets, so that when you die, they go to who you choose. Otherwise, in some circumstances, the assets could be lost. Your will also protects your own interests. If you want to be buried, and not cremated, you’d put that in your will. Or, if you wish to donate your body to science, you can define that as well.

 

  • Preparing A Will

 

When it comes to actually preparing you will, you have a lot of things to consider. The way that you divide your assets, and who will receive it, are very important. You may want to donate money to charity or share your house amongst your children.

A will needs to be thorough, to avoid confusion leading to a loss. To achieve this, ideally, you should use a professional to write your will. They know what will need to be covered, and will be able to write it in a legally binding manner. Make sure to give them all of the details you want to cover, so that nothing is missed.

 

  • Preparing Assets To Avoid Probate

 

What is probate? Don’t worry; you don’t have to find a probate definition for yourself. Probate is the process that a will goes through after the owner has deceased, to validate and confirm that it’s accurate. Before any assets are given out, probate will occur. This process can take several months and can cost money.

Some assets, like bank accounts, can skip this process if they’re prepared properly beforehand. A lot of different things can be covered, but they all require different preparation. So, it’s best to talk to the organizations providing you with your financial services. It’s in their interest to help you in this situation, as it saves them work in the future.

Hopefully, this will give you a clearer idea of what you need to do in preparation for your death. It’s not a nice thing to focus on, but it’s incredibly important. Taking steps to limit difficulty in your family's time of mourning is a great thing to do.

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