Pros And Cons Of Getting A Will
Don’t Let These 5 Common Misconceptions Keep You from Getting a Will
Most of us without good reason never think about drawing up a will.
Some of the most common reasons for this are:
1. You believe that the end of your life will never happen.
2. You believe that making a will takes up too much time and is too expensive.
3. You believe that your family is capable of dividing assets fairly if you die suddenly.
4. You believe you don’t have enough wealth to worry about will making.
5. You believe any debts will die with you.
These beliefs are all misconceptions when it comes to making a will.
Everyone’s life comes to an end sooner or later. Hopefully, for most of us, we will all live to a ripe old age and have gained the most out of life. …show more content…
You may become inflicted with dementia when you get older or you may have a serious accident that causes you to lose your ability to make sensible decisions, particularly about your finances. This is when a financial power of attorney can step in and take control of your money on your behalf. Appointing a financial power of attorney ensures that your health bills get paid and, if you have any dependent family, they are looked after, too.
What is a trust?
A trust is an arrangement that you make legally with a third party to safeguard your assets on your behalf. The person appointed by you to take on this responsibility is called the trustee. It ensures that when you die that the beneficiaries of your estate can ignore probate and gain access to your assets far more quickly than in the absence of a trust.
There are two types of trusts. One of these can be revoked while the other cannot. A trust may be revocable or irrevocable. A revocable living trust is more flexible and allows you to make changes when you choose while an irrevocable trust can’t be changed once it has been formed but offers more tax advantages.
A trust normally holds both your property and other assets while you act as the trustee throughout your life and then an appointed beneficiary takes
Most of us without good reason never think about drawing up a will.
Some of the most common reasons for this are:
1. You believe that the end of your life will never happen.
2. You believe that making a will takes up too much time and is too expensive.
3. You believe that your family is capable of dividing assets fairly if you die suddenly.
4. You believe you don’t have enough wealth to worry about will making.
5. You believe any debts will die with you.
These beliefs are all misconceptions when it comes to making a will.
Everyone’s life comes to an end sooner or later. Hopefully, for most of us, we will all live to a ripe old age and have gained the most out of life. …show more content…
You may become inflicted with dementia when you get older or you may have a serious accident that causes you to lose your ability to make sensible decisions, particularly about your finances. This is when a financial power of attorney can step in and take control of your money on your behalf. Appointing a financial power of attorney ensures that your health bills get paid and, if you have any dependent family, they are looked after, too.
What is a trust?
A trust is an arrangement that you make legally with a third party to safeguard your assets on your behalf. The person appointed by you to take on this responsibility is called the trustee. It ensures that when you die that the beneficiaries of your estate can ignore probate and gain access to your assets far more quickly than in the absence of a trust.
There are two types of trusts. One of these can be revoked while the other cannot. A trust may be revocable or irrevocable. A revocable living trust is more flexible and allows you to make changes when you choose while an irrevocable trust can’t be changed once it has been formed but offers more tax advantages.
A trust normally holds both your property and other assets while you act as the trustee throughout your life and then an appointed beneficiary takes