Framing and legalizing a will while one is still fit is necessary. In absence of a will, your money, assets, or children would not be safe. Therefore, it is advisable to have a will prepared by a legal expert. There are certain things you should know and check with your will writing solicitor.
1. LPA or Living Power of Attorney
This refers that the attorney can make decisions on your behalf in case you meet with an accident, get sick, and become incapacitated. This helps individuals to protect their interests even when they are unable to take care of their property, assets, or children.
The attorney makes decisions such as paying the mortgage or selling your house. You can make prior decisions regarding their decision-making limit. They would also be managing your bank accounts, investments, pensions, etc.
It also allows the attorneys to make decisions regarding medical issues. They have the best interests for you in their hearts and can take care of sensitive matters.
2. Providing detailed information on types of will
Your solicitor should not only instruct you but also educate you. They must be able to explain the legal jargon and consider your perspective in framing your will.
There are three basic kinds of will – Single, that can be framed after an individual reaches 18 years. The mirror is a type of will especially for couples; it projects each other’s wishes.
Living indicates a kind of will that is enforced while the individual is still living. It might have specifications about the certain medical treatments they do or do not want.
Another important classification under this category is Protective Property Trust. It protects an individual’s house from being inherited by the children of their partner’s second marriage.
It also helps from not adding residential fees to your house. It is important to decide how you wish to distribute the finances before you die.
3. Life interest trusts
This has the same concept as a safety deposit box. The contents inside would be inherited by a beneficiary stated by you. This is another way of skipping inheritance tax.
Consider this one of the best options if you wish your spouse to heavily benefit from your will after your death. There must be a clear mention of life interest trust in your will. In this case, if the house is under life interest trust, it cannot be sold off to pay for the fees to take care of your partner. Making life interest trust is an excellent option if:
- You have mixed families where your assets can be used to protect your children and partner and cannot be inherited in case your partner remarries and has other children.
- Care home worries – It cannot be used as payment for care home service for your partner.
- If you have a family business, you can also include shares under this to protect them from being randomly sold off.