The Critical Role of a Will in Charting Your Financial Legacy

Thursday, December 18, 2014, 6:00 AM | Leave Comment

So, you have worked hard and created a large investment portfolio; what could probably go wrong? The answer is everything. Modern lifestyles have changed and fate might decide that your time is up. Well, this is where the question of your last will comes in handy.

• Avoiding a Messy Situation

  The problem is that no one really wants to admit to his or her mortality but you know as well as the next person that no one knows when that time will come. However financially stable you are feeling right now, it is good to cater for your family’s welfare once you are not there with them again.

  You must have seen the mess death of a family patriarch who dies intestate brings about. In essence, all the hard work you have done will go up in smoke as your kin fights tooth and nail. What’s more, the case will wash all the dirty linen in public and you will get the blame for it even while you are gone.

• Writing Your Will

  It is not an easy document to make and as such, you need professional guidance to get it right. This is a legal document after all and it distributes your wealth according to your wishes. The best thing about it is the fact that you can update it regularly as situations change. What’s more, you can include everything including personal items such as jewelry.

  You will also name an executor who will be responsible for the settlement of your estate. The probate process done to settle the estate can be either informal or formal. It all depends on whether any of the beneficiaries will want to contest a will.

So what should you consider when time comes to write your will?

Here are some ideas:

• The beneficiaries: It is very important to look at everyone who deserves to benefit from your estate. You can select immediate family and even organizations depending on your wishes.

• Choosing an executor: This is another important aspect of your will. If you trust a friend or a family member, you can pick him or her as executors. On the other hand, you can opt for a corporate executor especially if you have a lot of investments. This can be a law firm or a bank, which has experience in this area.

• Professional advice: Most people get it wrong in writing a will by relying on their whims. Sometimes emotions can cloud decisions but with legal advice, you have an assurance that the best financial decisions are made.

• Updates: Life is dynamic and things will not remain the same forever. Situations such as divorce, adoption of more children, new births, death of some beneficiaries and change in financial circumstances among others necessitate the need for will updating. This is the best way to avoid conflicts in future.

Writing a will or contesting one is not an easy task. There are a lot of legal implications and if you do not have legal expertise, it might ruin you financially. It is one of the most convoluted areas of law and only a highly skilled legal expert can take you through successfully.

Author Bio

Jack White has worked in the legal field for over 20 years. He has worked in the inheritance and welfare field for the larger part if his career and has helped thousands contest a will. When not thinking law, White is out following his favorite football club Manchester United.

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