Importance Of Preparing A Will During Covid-19
Writing a will is an important part of financial planning. As the Covid-19 pandemic has affected so many people, we must recognize the importance of having a will. Continue reading to learn more.
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COVID-19 has caused irreparable losses all around the world. From old to young people, unexpected deaths have rocked societies. The ensuing legal crisis due to untimely deaths has the potential to worsen the sorrow of surviving family members, especially when the sole bread earner passes away.
Can you lessen the pain somehow? No! But having a will is something that can bring some relief for the family members in the moment of grief. In this article, we’re going to discuss the importance of preparing a will and things you should know about it.
Things You Should Know
Codicil
A codicil is a document that changes but does not replace an existing will. Leverage Codicil to change the will instead of writing a new one.
1. What Happens in the Case of a Minor?
For minor children, you will be required to name a guardian. You should also give the guardian some money to help with the costs of parenting your children. For any gifts you leave to minor recipients, your will should establish trust. Otherwise, the Public Guardian and Trustee will receive the child’s part of the estate, who will keep it in their Trust for the minor until they reach 19 years of age.
2. Who is an Executor?
You must name someone — the executor — in your will to carry out your wishes. Most people assign executors from the family or close friends. Someone likely to outlive you should be your executor.
3. How to Avoid Mistakes While Preparing a Will?
The safest method to avoid mistakes is to seek help from an experienced estate lawyer or notary public. It can give you peace of mind to know that they correctly drafted your will. Notaries can prepare a simple Will.
Other benefits of making a will include having control over how certain assets and artifacts, such as jeweler and fine art, are distributed, the ability to make charity donations, and improved tax planning. People have an aversion to discussing death, dying, or becoming ill since it is unwelcoming.
Most people would rather sweep these topics under the brush and deal with them later. However, these concerns look all right when they are a part of planned options.
Talk with a lawyer who specializes in wills, estate planning, and tax planning if you are thinking about writing a Will. A skilled financial planner can also help with your Will. They will align your Will with your overall financial strategy. Read more articles from the links below.
