Death and bereavement is always a challenging experience, whether you’re losing a close friend or loved one or beloved family pet.
As if this wasn’t enough, however, the emotional pain and anguish of losing a loved one can be exacerbated by the added stress of dealing with a will and executing the plans of the deceased.
If you’re given the role of the executor to the deceased’s will, you’ll definitely have to understand the relevant jargon and your responsibilities. Otherwise, it’s extremely difficult to carry out your duties and uphold the wishes of your dearly departed. (xanax generic alternatives)
OK – What’s the Purpose of a Will?
A last will and testament is designed to help protect and distribute a deceased individual’s assets, in accordance with their wishes and the precise way in which they want to leverage their accumulated wealth.
This ensures that your spouse, partner, or dependents receive your possessions in the way that you intend, while a will also appoints a legal guardian for any children who are minors (under the age at the time of your death).
This is a huge consideration, as it determines the future of your children and ensures that minors are protected and experience minimal disruption at what’s sure to be a difficult time in their lives.
Even on a fundamental level, creating a will provides you with genuine peace of mind, and enables you to control precisely how your assets are distributed in the event of your death.
What Comprises a Will?
Initially, you’ll need to value your estate, while understanding the individual elements that comprise the wealth you’ve accumulated over time.
This will include corporeal assets such as your property holdings and cash funds, alongside less tangible assets like premium bonds, stocks, shares and accumulated pension funds.
You can even include material possessions such as antiques (which will need to be objectively valued), furniture and jewellery, before deciding how you want to distribute such assets and who you’d like to receive individual items or cash sums.
Then, you’ll need to appoint formal executors to help perform a myriad of admin tasks, such as settling any debts associated with the estate, calculating inheritance tax (IHT) payments and applying for probate. Anyone who’s over 18 can be an executor, although it’s common to choose immediate and trusted family members to carry out this task.
Why is Understanding All of This so Important?
Understanding the role of an executor and your responsibilities in this role is key, as this ensures that your execution is effective and minimises the risk of probate being mishandled.
There are numerous ways in which probate can be mishandled, such as failing to meet tax obligations to distribute funds in accordance with the deceased’s wishes. This can lead to will and probate solicitors’ negligence claims, which may be highly complex and costly to pursue over time.
Comprehending these risks is also key, while you’ll have to commit to executing a deceased’s will professionally, transparently and with their core intentions at heart!
