Many people avoid thinking or talking about death or losing someone in particular as it is a subject that is almost always tinged with sadness. But, the truth is that you cannot escape death and hence it is wise to always be prepared for it. It takes a lot physically, mentally and financially to deal with death.
But, when your loved one has left you with a roadmap ahead, accepting the bitter truth of life becomes a bit easier. Although the loss of a loved one is irrecoverable, living life post their demise becomes a bit easy when you have their shield around you.
This shield can possibly be a well drafted Will which helps you to come to terms with the reality. You will have to look for a reliable and experienced legal company which helps you to draft an appropriate Will. Along with this, you also have to enquire about how much does a Will cost as there are several companies that provide you the same services at reasonable prices.
Besides, you have to mention varied details like an executor, guardian for your kids, owner of your belongings and so on. You cannot randomly pick anyone for these responsibilities but someone whom you trust and can actually shoulder them rightfully.
Executor is the person who sorts out all the property matters for you post your death or follows the instructions mentioned for the property in your Will. You cannot simply choose anyone for this task instead someone who can do this task for you.
It can be more than one individual. But, if you forget to mention an executor in your Will then the court gets the right to choose one for you and do the needful. The task of an executor is a tricky one and hence one must pick matured/responsible person who can take rational decisions.
They might have to decide whether to sell or not property so that your kids can reap benefits from the money earned through the property. They also have to ensure that the income tax, capital gains tax and inheritance tax are paid on time.
An individual of 18 years and above can be chosen as your executor. Most individuals prefer their spouse, children or a civil partner to be their executor. Besides, there is no rule that your executor cannot be a part of your Will or receive any of your belongings.
As a matter of fact, an individual can have four executors but they should work in company of each other. This can be difficult task therefore; it is smart to stick to 1-2 executors just in case one of those passes away before you.
Trust is one fundamental quality that your executor must possess. If you do not trust them there is no room for them in your Will. It can be highly beneficial to you if your executor understands paperwork and can manage legal matters successfully.
For instance, you mention two executors in your Will – one is your daughter and a solicitor. Your child can look into all the factors related to family while the solicitor can manage the tax and other legal matters.
If you think that one of your immediate family members (your spouse or adult children) can manage this responsibility then do not hesitate to mention them in your Will. In fact, it is the best option that one could have.
But, you also have to consider the truth that while this procedure is being carried on your family is also suffering from grief of losing you. Look into this fact, as to whether they are capable to manage the emotional turmoil and simultaneously manage the crucial financial matter.
If not immediate family members, you can always mention your cousins, nephew/ niece for this responsibility. But, before you mention them make sure that you take their consent for the same. If they are not willing to accept this responsibility then you should look for a different option.
The biggest advantage of hiring a solicitor or an accountant is that they have significant knowledge about such matters. They are experienced and can know their way out of legal or financial turmoil.
For instance, if your Will does not clearly mention whom does a property belong to, the solicitor/accountant is capable to find a solution wherein your property stays with your family.
They definitely might charge fees for their services. But, if your Will has loop-holes then it is worth paying them instead of losing out on thousands of pounds or your own estate.
You can always ask your solicitor/accountant about their fees before you hire them so that you are aware about the sum that you are likely to pay them.