You might have already approached the people you’re going to appoint as
guardians and executors in your will for their permission to do so, but let’s
face it, a lot can change between now and when your will’s going to be needed.
This could include these key people changing their mind, not being around
anymore or not being physically able to carry out their responsibilities.
How you can minimise the risk of this happening
We’d always recommend you appoint substitutes for the key appointments in
A trustee is a person who has legal responsibility for assets on behalf of
somebody else, called the beneficiary.
Trusts have all sorts of uses. They can be complicated they don’t have to be. In
fact even the most simple of wills might require someone to take legal
responsibility for assets on behalf of someone else. A good example of this is
where a will leaves something to a child under 18 In that case a trust is needed
to hold the assets for them until they reach 18 (or older if that’s what
Being an executor is an important and sometimes demanding responsibility, so it
is vital you choose yours with care.
It is often a good idea to talk to anyone you’re thinking of appointing before
you write your will to make sure they have a fair understanding of what will be
expected of them and they are happy to take on this role. If they are not
willing, they will have the right to refuse the responsibility when the time
comes, so it makes sense to get their permission in advance.
Who can be
One of the most important tasks involved in writing your will is to appoint
executors. These are the people who will manage and distribute your estate after
you’ve died, using the instructions you make in your will.What does an executor
do?
Typical responsibilities can include:
* Collecting and listing all of the assets in the estate – bank accounts,
property, possessions etc.
* Valuing the estate.
* Applying for a grant of probate.
* Making sure all debts, bills, taxes (including inheri
If you have documented your wishes that are to be carried out after your death
in the form of a will, you will need to review it periodically.
Having your estate and finances distributed to people of your choosing can be
handled legally by way of a will. However if your circumstances change you may
want to alter things like beneficiaries or change assets that are bequeathed to
a specific person.
Life brings about many changes and there are a number of instances where you may
need to amend your Read More »
In the eventuality that the unthinkable happens, you will need a will to make
provision for your partner or spouse. This will not only ensure that they are
financially provided for, it will saves months of painful legal process and
potential disagreements with other relatives.
Making a will is not always on the forefront of everyone's mind especially when
daily living, work, and other things take over. However, it is a sound part of
your overall financial planning.
If you happen to die befor Read More »
Traditionally, the way to write a will and get your affairs in order has been to
engage the services of a solicitor. Having expert help to walk you through the
legal steps required gives a level of comfort and security when it comes to
making plans for your estate.
It also comes at a price.
Using a solicitor to document how you want your finances and assets managed in
the event of your passing does not come cheap. It can also take more than one
appointment which can rack up the cost.
An onl Read More »
You may have thought once or twice about preparing your will. It is one of those
tasks that is easily put off, but it is essential to protect your family, your
estate, and convey your wishes legally and effectively.
However, like many others you may have delayed writing your will for any number
of reasons.
It can be time consuming
It can be stressful or unpleasant
It can be expensive
To draft a will in the traditional manner you will need to book an appointment
with a solicitor, sort out Read More »
Now the hangover has passed and we are back into daily routine here are three
simple things you should sort out in the New Year to keep your AFFairs In Order
(thats the origin of the affio name).
1. Write your Will – it should take between half an hour and an hour to do on
affio. Print it, sign it in front of witnesses and put it somewhere safe.
Tell someone you trust where your Will is! Wills are much simpler than
people realise and it is better to have something and come back lat Read More »
