Wills & Estates - Latest Updates
- By chris.sheppard@boleynlegal.co.uk
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- 18 Apr, 2018
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No one really wants to talk about their last will and testament, but this is one legal issue you don’t want to leave unattended. After all, it could lead to a major rift in your family, one which you are not around to mend.
The importance of having a very clear will and testament takes on even greater magnitude if you have children from more than one marriage, if you have adopted children, and if you don’t have any children at all. Getting expert advice can save your loved ones heartache and grief at a time when they really need to focus on grieving and recovery.
Article taken from Todays Wills & Probate - https://www.todayswillsandprobate.co.uk
Published 26th June 2018
A number of years ago, I spoke at a seminar organized by some clients, called "Sign here, my dear". The point of the seminar was that spouses, in most case wives, know very little about family finances and are often just called upon to sign documents without knowing what they are. In my practice, I continue to see this mismatch of financial information in many situations.
My experience is that this is rarely done for a bad purpose, but more often because one spouse has more financial skills and doesn't want to burden the other. But when the less-experienced spouse becomes a widow or widower, and is to some extent on her or his own, problems can arise. These problems are obvious: spending money unnecessarily, choosing the wrong investments or investment advisors, making unfavorable choices regarding health insurance and Social Security, even deciding where to live.
The result is a much less secure and happy life for the survivor; and problems for the rest of the family as well. Children might help, but sometimes they give conflicting advice. The solution is easy to describe, but often fails in the execution: training, review and guidance for the less-experienced spouse. And, as well, a set of trusted advisors who can help the survivor with these important decisions. Start with a notebook. List sources of monthly income; regular monthly expenses; where assets are located and how they are titled (and this includes items like retirement plan accounts and IRAs); the names of advisors and the kind of advice they give; where important documents are located.
Once you start this project, more information will come to mind. And the result should be a better "rest of life" for the survivor and avoiding unnecessary and inappropriate expenditures that deplete what passes on to the next generation.
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations
My experience is that this is rarely done for a bad purpose, but more often because one spouse has more financial skills and doesn't want to burden the other. But when the less-experienced spouse becomes a widow or widower, and is to some extent on her or his own, problems can arise. These problems are obvious: spending money unnecessarily, choosing the wrong investments or investment advisors, making unfavorable choices regarding health insurance and Social Security, even deciding where to live.
The result is a much less secure and happy life for the survivor; and problems for the rest of the family as well. Children might help, but sometimes they give conflicting advice. The solution is easy to describe, but often fails in the execution: training, review and guidance for the less-experienced spouse. And, as well, a set of trusted advisors who can help the survivor with these important decisions. Start with a notebook. List sources of monthly income; regular monthly expenses; where assets are located and how they are titled (and this includes items like retirement plan accounts and IRAs); the names of advisors and the kind of advice they give; where important documents are located.
Once you start this project, more information will come to mind. And the result should be a better "rest of life" for the survivor and avoiding unnecessary and inappropriate expenditures that deplete what passes on to the next generation.
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations
An increasing number of people are turning to the internet for all sorts of advice. Fashion advice. Medical advice. Marriage advice.
Here are Boleyn Legal Services, we certainly won’t dissuade you from getting fashion advice online, but we strongly recommend that you don’t turn to Google for legal advice, paticularly when it comes to writing your will, because it could end up costing you a whole lot more than you expected.