The Covid-19 has forced us to think about our future and how it affects everyone around us. There are many misconceptions regarding a will, simply because we refuse to talk about it.
Below are a few of them:
Who Will Take Care of My Children?
It can be challenging to conceive the future of minor children without parents. The will is present to remove any confusion regarding who becomes their caretaker if the parents die. Parents are strictly advised to choose a guardian, and they can be either a family member or a close friend.
In the absence of the guardian clause, the children become part of the estate. They may jump around in foster homes or orphan houses until they are adopted. Even then, the future is uncertain if different families adopt the siblings. A simple mistake could pull apart families.
A Beneficiary Cannot Be an Executor.
The executor is named in the will clear as day to make the process easier. An executor is responsible for distributing the assets and supervising events after the death. You may find this surprising, but a child of the deceased can be an executor as well as a beneficiary.
Most times, the children inherit their parents’ properties. And most times, professional executors are hired who are paid out of the will. Hiring an executor can be avoided by naming children as an executor. Remember not to show bias, or it might give birth to envy within the family.
Spouse Inheritance in the Absence of a Will
The spouse will inherit the properties and assets when there is no will. However, it can be tested later on. Sometimes spouses co-own properties and houses, so it stays within the family. However, in the absence of a will, it will complicate matters later on.
After the deceased has passed, property tax liabilities are sure to arise. A will establishes who pays and owns assets later on with the help of extensive estate planning. With a spouse, who has been living a domesticated lifestyle with no income, the assets may transfer to the state.
Editing a Will Is Easy
A will is a legally binding document. It mentions property, assets, money, and liabilities with your and the witness signature underneath it. Thus, changing the will is not easy. There are a few conditions that need to be fulfilled for a will to be active. Otherwise, the will is just a piece of paper.
For an alteration in the will, the soon-to-be deceased should either create a new will or add an addendum to the original one. The point is that the original will stay in its proper shape without any editing. However, constructing a new will overall will render the previous ones void.
It Is Time To Think of Your Family
Living in a pandemic with uncertain future possibilities has made having a will a necessity, and it has resulted in many individuals seeking estate planning and will creation services. Just tap here for more information.