Naturally, will writing can invoke feelings of discomfort as it draws attention to the fact that our lives eventually come to an end, yet it continues for others around us. Despite this, will writers (Birmingham or beyond) serve a very important purpose. After all, a will is one of the only ways you can determine what happens to your estate upon your passing. This is of great importance for women, who tend to be the invisible glue that holds families together.
Regardless of the walk of life that women find themselves from, wills are of great importance. They serve a purpose for career professionals and homemakers alike, as they’re an integral feature of securing wealth. After all, without a will, you could find your assets falling into the wrong hands.
Essentially, wills are legally binding documents that detail the intentions and wishes of a person upon their passing. Traditionally, a woman who writes a will is known as a testatrix; however, “testator” tends to be used for any gender today.
The Executor Doesn’t Need to be a Family Member
Within a will, an executor is someone who takes the impartial role of ensuring the testator’s wishes are carried out. Typically speaking, the testator will be a relative or a friend, but this doesn’t necessarily have to be the case. For instance, an executor can be a financial or legal professional, who might be able to achieve unbiasedness more easily.
You might think that once your will has been written, then your job is done; however, this isn’t quite the case. Instead, you should update your will every two to three years or whenever a significant life event occurs. For instance, a birth, death, marriage, or divorce. Once you update your will, you must ensure all previous versions are destroyed, otherwise, you run the risk of an outdated version of your will being carried out.
It wasn’t too long ago that we saw COVID-19 taking the lives of parents and orphaning children globally. Due to the unexpected nature of these deaths, a number of these parents were without wills, meaning there was no clear answer about what happened to the children. As a mother, it’s extremely important to nominate a guardian, otherwise, your children may not end up being looked after by who you envisioned as the best guardian for them. In addition to legal guardianship, parents can also have a say about their child’s future in their will.
Do Not Discount Smaller Assets
Naturally, your bigger assets will be of greater concern than your smaller ones; however, this doesn’t mean that your smaller ones should be discounted. It’s not just about financial investments, gold, and real estate, but it’s also about jewelery, sculptures, paintings, family heirlooms, and anything else that might be sentimentally valuable.
A Nominee Isn’t Enough
It’s not uncommon for people to believe that if they have a nominee as an heir then a will necessary. Despite this, this isn’t quite the case. Instead, nominees only act as a caretaker or trustee of the owner’s assets. As a result, nominations aren’t necessarily equivalent to succession, meaning a will is still essential. This is especially true of women who might think they don’t have any independent assets and simply appoint their spouse as a nominee.
In order to safeguard the future of your loved ones, women must ensure they have an up-to-date will. This way legal disputes can be avoided upon your passing, ensuring that your assets and dependents are cared for accordingly. All in all, it’s importance can’t be understated.