Archive for the ‘Writing a Will’ Category

Planning for Tax Implications in a Family Company   no comments

Posted at 6:34 am in Writing a Will

One of the biggest threats to the successful continuation and succession of family businesses are the constantly changing tax laws.  Utilizing an experienced Estate Planning Attorney, Tax Attorney and Business Attorney, along with a solid Business Accounting Firm, to ensure you not only maximize present profits while minimizing your tax liability, but also successfully plan to pass your estate and business onto heirs in the most tax preferenced way.  Here are some Estate Planning considerations to keep in mind while planning for business continuation and succession.

Maintaining Liquidity

If there is insufficient cash to pay for estate taxes, then the cash will be drained from the business when it genuinely needs it most. Plan for the perpetuation of the family business and maintaining its liquidity and cash flow or you may be forced to sell its prized assets or entirely.

Proper Estate Planning will…

  • Reduce the need for beneficiaries to remove funds from the business.
  • Maintain beneficiaries’ interest stakes by keeping funds in the Company.
  • Provide a fluent transition when developed in conjunction with the Management/ Leadership Strategic & Succession Plan and the Company’s Operating Authority Plan.

Sell the Controlling Stake in Advance

Selling the patriarch’s / matriarch’s stake in the business, in advance of any Succession Plan implementation (whether a planned or sudden departure) to family members can be the best estate planning a family business can employ, while giving the business leader control of the Company and  Funding Business Plan until the agreed upon relinquishment.

Resource: For more information on business planning, please see my article on  Write Business Plan.

Tools to Minimize Estate Tax Liability

There are a host of structural tools which can be used to minimize estate tax liability, that should be fully explored with your Financial Advisory Team, such as:

  • Gifting
  • Stock Sales
  • Trusts
  • Limited Liability Corporations
  • Family Limited Partnerships
  • Share holder Buy/ Sell Agreements

Business Valuation

A value of the business that is in compliance with IRS rules and regulations is of paramount importance, as both overvaluing or undervaluing a business for tax purpose can be very expensive mistakes. Having an excellent team of tax and financial advisors to assist you is absolutely essential.

Consult a Tax Attorney and CPA

As  Business Coaches who have seen what makes a company successful, I find many companies could use more legal and accounting help. Experienced tax attorneys and CPAs specializing in family businesses are an absolute must. Seek their advice and opinion. This article is not meant as tax or legal advice. Be sure to consult a licensed professional.

About The Article Author

Frank Goley has a diverse and wide-ranging experience base as a business consultant, business turnaround consultant, business plan expert, business plan writer, business coach, small business consultant, business planner, marketing consultant, online marketing consultant, seo consultant, and Business Plan Consultant for ABC Business Consulting. Frank is considered an expert in writing, developing and implementing business plans, business turnaround plans, funding business plans, Marketing Plans, strategic plans and web marketing plans. Frank offers comprehensive business consulting, business coaching, business turnaround consulting, along with web seo, web development and web marketing consulting, to small and medium size companies. Frank is the author of a business plan book, The Comprehensive Business Plan Workbook – A Step by Step Guide to Effective Business Planning, and he has over 130 published articles and e-books on business success strategies. He also writes the Business Success Strategies Blog.


Interesting Articles

Written by JamieK on November 26th, 2010

Estate Planning Strategies and Asset Protection   no comments

Posted at 9:47 am in Writing a Will

There are a lot of people in society claiming to be experts on Asset Protection and Estate Planning strategies.  However , not very many of these so-called “experts” practice what they preach or have the track record and credentials to back up their claims. One of the few who can and does is Lee R. Phillips. Now you’re probably wondering how Lee R. Phillips system is different, well here’s his story:

Lee Phillips has been practicing law for over 20 years now. He was diagnosed with terminal cancer and given 3 weeks to live very early on in his career. After a long battle he finally beat the cancer. But for two years he didn’t work.

…and his medical bills were staggering…

Don’y forget he was already an attorney, the legal system still took him to the cleaners along with various creditors.
What the legal community was doing to people made him furious.

His wife Kristy was so frustrated in fact from dealing with the legal and medical battles that she may have went a little overboard:  she also went to law school and became an attorney!
After the effects of financial tragedy on his family, witnessed first hand, Lee has since dedicated his career to helping people do the simple legal paperwork that can make all the difference in the world when financial tragedies such as death, taxes, lawsuits and illness strike.

Estate Planning and Asset Protection have been his life ever since. Besides writing several books on the subject, he now travels the United States and Canada speaking to groups about how simple legal documents can wield enough legal power to protect you from the tragedies. People pay thousands of dollars to attend his seminars throughout both countries. The exact documents from his system are used by his successful office every day.

You will learn about using powerful asset protection techniques, such as:

    * Creating and Maintaining LLC’s and Corporations

    * Using Family Limited Partnerships

    * Separating your assets into different “legal pockets”

You’ll learn how to use the powerful fundamental documents of estate planning such as:

    * Revocable Living Trusts

    * Durable Powers of Attorney

    * Living Wills

    * Testamentary Wills / Pour-Over Will

    * and many other powerful legal tools

You’ll also learn how to:

    * Eliminate or slash estate taxes

    * Protect your home from lawsuits

    * Avoid probate

    * Save on income taxes

    * Avoid legal battles

    * Use lawyers, and not be used by lawyers

    * And implement many other strategies that will literally Save You Thousands with your financial planning

You owe it to your family and yourself to at least investigate this course further.  Protect your assets!


Interesting Articles

Written by JamieK on November 25th, 2010

Planning for Tax Implications in a Family Company   no comments

Posted at 7:13 am in Writing a Will

One of the biggest threats to the successful continuation and succession of family businesses are the constantly changing tax laws.  Utilizing an experienced Estate Planning Attorney, Tax Attorney and Business Attorney, along with a solid Business Accounting Firm, to ensure you not only maximize present profits while minimizing your tax liability, but also successfully plan to pass your estate and business onto heirs in the most tax preferenced way.  Here are some Estate Planning considerations to keep in mind while planning for business continuation and succession.

Maintaining Liquidity

If there is insufficient cash to pay for estate taxes, then the cash will be drained from the business when it genuinely needs it most. Plan for the perpetuation of the family business and maintaining its liquidity and cash flow or you may be forced to sell its prized assets or entirely.

Proper Estate Planning will…

  • Reduce the need for beneficiaries to remove funds from the business.
  • Maintain beneficiaries’ interest stakes by keeping funds in the Company.
  • Provide a fluent transition when developed in conjunction with the Management/ Leadership Strategic & Succession Plan and the Company’s Operating Authority Plan.

Sell the Controlling Stake in Advance

Selling the patriarch’s / matriarch’s stake in the business, in advance of any Succession Plan implementation (whether a planned or sudden departure) to family members can be the best estate planning a family business can employ, while giving the business leader control of the Company and  Funding Business Plan until the agreed upon relinquishment.

Resource: For more information on business planning, please see my article on  Write Business Plan.

Tools to Minimize Estate Tax Liability

There are a host of structural tools which can be used to minimize estate tax liability, that should be fully explored with your Financial Advisory Team, such as:

  • Gifting
  • Stock Sales
  • Trusts
  • Limited Liability Corporations
  • Family Limited Partnerships
  • Share holder Buy/ Sell Agreements

Business Valuation

A value of the business that is in compliance with IRS rules and regulations is of paramount importance, as both overvaluing or undervaluing a business for tax purpose can be very expensive mistakes. Having an excellent team of tax and financial advisors to assist you is absolutely essential.

Consult a Tax Attorney and CPA

As  Business Coaches who have seen what makes a company successful, I find many companies could use more legal and accounting help. Experienced tax attorneys and CPAs specializing in family businesses are an absolute must. Seek their advice and opinion. This article is not meant as tax or legal advice. Be sure to consult a licensed professional.

About The Article Author

Frank Goley has a diverse and wide-ranging experience base as a business consultant, business turnaround consultant, business plan expert, business plan writer, business coach, small business consultant, business planner, marketing consultant, online marketing consultant, seo consultant, and Business Plan Consultant for ABC Business Consulting. Frank is considered an expert in writing, developing and implementing business plans, business turnaround plans, funding business plans, Marketing Plans, strategic plans and web marketing plans. Frank offers comprehensive business consulting, business coaching, business turnaround consulting, along with web seo, web development and web marketing consulting, to small and medium size companies. Frank is the author of a business plan book, The Comprehensive Business Plan Workbook – A Step by Step Guide to Effective Business Planning, and he has over 130 published articles and e-books on business success strategies. He also writes the Business Success Strategies Blog.


Interesting Articles

Written by JamieK on November 25th, 2010

Planning for Tax Implications in a Family Company   no comments

Posted at 9:08 am in Writing a Will

One of the biggest threats to the successful continuation and succession of family businesses are the constantly changing tax laws.  Utilizing an experienced Estate Planning Attorney, Tax Attorney and Business Attorney, along with a solid Business Accounting Firm, to ensure you not only maximize present profits while minimizing your tax liability, but also successfully plan to pass your estate and business onto heirs in the most tax preferenced way.  Here are some Estate Planning considerations to keep in mind while planning for business continuation and succession.

Maintaining Liquidity

If there is insufficient cash to pay for estate taxes, then the cash will be drained from the business when it genuinely needs it most. Plan for the perpetuation of the family business and maintaining its liquidity and cash flow or you may be forced to sell its prized assets or entirely.

Proper Estate Planning will…

  • Reduce the need for beneficiaries to remove funds from the business.
  • Maintain beneficiaries’ interest stakes by keeping funds in the Company.
  • Provide a fluent transition when developed in conjunction with the Management/ Leadership Strategic & Succession Plan and the Company’s Operating Authority Plan.

Sell the Controlling Stake in Advance

Selling the patriarch’s / matriarch’s stake in the business, in advance of any Succession Plan implementation (whether a planned or sudden departure) to family members can be the best estate planning a family business can employ, while giving the business leader control of the Company and  Funding Business Plan until the agreed upon relinquishment.

Resource: For more information on business planning, please see my article on  Write Business Plan.

Tools to Minimize Estate Tax Liability

There are a host of structural tools which can be used to minimize estate tax liability, that should be fully explored with your Financial Advisory Team, such as:

  • Gifting
  • Stock Sales
  • Trusts
  • Limited Liability Corporations
  • Family Limited Partnerships
  • Share holder Buy/ Sell Agreements

Business Valuation

A value of the business that is in compliance with IRS rules and regulations is of paramount importance, as both overvaluing or undervaluing a business for tax purpose can be very expensive mistakes. Having an excellent team of tax and financial advisors to assist you is absolutely essential.

Consult a Tax Attorney and CPA

As  Business Coaches who have seen what makes a company successful, I find many companies could use more legal and accounting help. Experienced tax attorneys and CPAs specializing in family businesses are an absolute must. Seek their advice and opinion. This article is not meant as tax or legal advice. Be sure to consult a licensed professional.

About The Article Author

Frank Goley has a diverse and wide-ranging experience base as a business consultant, business turnaround consultant, business plan expert, business plan writer, business coach, small business consultant, business planner, marketing consultant, online marketing consultant, seo consultant, and Business Plan Consultant for ABC Business Consulting. Frank is considered an expert in writing, developing and implementing business plans, business turnaround plans, funding business plans, Marketing Plans, strategic plans and web marketing plans. Frank offers comprehensive business consulting, business coaching, business turnaround consulting, along with web seo, web development and web marketing consulting, to small and medium size companies. Frank is the author of a business plan book, The Comprehensive Business Plan Workbook – A Step by Step Guide to Effective Business Planning, and he has over 130 published articles and e-books on business success strategies. He also writes the Business Success Strategies Blog.


Interesting Articles

Written by JamieK on November 24th, 2010

Estate Planning Strategies and Asset Protection   no comments

Posted at 7:26 am in Writing a Will

There are a lot of people in society claiming to be experts on Asset Protection and Estate Planning strategies.  However , not very many of these so-called “experts” practice what they preach or have the track record and credentials to back up their claims. One of the few who can and does is Lee R. Phillips. Now you’re probably wondering how Lee R. Phillips system is different, well here’s his story:

Lee Phillips has been practicing law for over 20 years now. He was diagnosed with terminal cancer and given 3 weeks to live very early on in his career. After a long battle he finally beat the cancer. But for two years he didn’t work.

…and his medical bills were staggering…

Don’y forget he was already an attorney, the legal system still took him to the cleaners along with various creditors.
What the legal community was doing to people made him furious.

His wife Kristy was so frustrated in fact from dealing with the legal and medical battles that she may have went a little overboard:  she also went to law school and became an attorney!
After the effects of financial tragedy on his family, witnessed first hand, Lee has since dedicated his career to helping people do the simple legal paperwork that can make all the difference in the world when financial tragedies such as death, taxes, lawsuits and illness strike.

Estate Planning and Asset Protection have been his life ever since. Besides writing several books on the subject, he now travels the United States and Canada speaking to groups about how simple legal documents can wield enough legal power to protect you from the tragedies. People pay thousands of dollars to attend his seminars throughout both countries. The exact documents from his system are used by his successful office every day.

You will learn about using powerful asset protection techniques, such as:

    * Creating and Maintaining LLC’s and Corporations

    * Using Family Limited Partnerships

    * Separating your assets into different “legal pockets”

You’ll learn how to use the powerful fundamental documents of estate planning such as:

    * Revocable Living Trusts

    * Durable Powers of Attorney

    * Living Wills

    * Testamentary Wills / Pour-Over Will

    * and many other powerful legal tools

You’ll also learn how to:

    * Eliminate or slash estate taxes

    * Protect your home from lawsuits

    * Avoid probate

    * Save on income taxes

    * Avoid legal battles

    * Use lawyers, and not be used by lawyers

    * And implement many other strategies that will literally Save You Thousands with your financial planning

You owe it to your family and yourself to at least investigate this course further.  Protect your assets!


Interesting Articles

Written by JamieK on November 24th, 2010

Planning for Tax Implications in a Family Company   no comments

Posted at 7:19 am in Writing a Will

One of the biggest threats to the successful continuation and succession of family businesses are the constantly changing tax laws.  Utilizing an experienced Estate Planning Attorney, Tax Attorney and Business Attorney, along with a solid Business Accounting Firm, to ensure you not only maximize present profits while minimizing your tax liability, but also successfully plan to pass your estate and business onto heirs in the most tax preferenced way.  Here are some Estate Planning considerations to keep in mind while planning for business continuation and succession.

Maintaining Liquidity

If there is insufficient cash to pay for estate taxes, then the cash will be drained from the business when it genuinely needs it most. Plan for the perpetuation of the family business and maintaining its liquidity and cash flow or you may be forced to sell its prized assets or entirely.

Proper Estate Planning will…

  • Reduce the need for beneficiaries to remove funds from the business.
  • Maintain beneficiaries’ interest stakes by keeping funds in the Company.
  • Provide a fluent transition when developed in conjunction with the Management/ Leadership Strategic & Succession Plan and the Company’s Operating Authority Plan.

Sell the Controlling Stake in Advance

Selling the patriarch’s / matriarch’s stake in the business, in advance of any Succession Plan implementation (whether a planned or sudden departure) to family members can be the best estate planning a family business can employ, while giving the business leader control of the Company and  Funding Business Plan until the agreed upon relinquishment.

Resource: For more information on business planning, please see my article on  Write Business Plan.

Tools to Minimize Estate Tax Liability

There are a host of structural tools which can be used to minimize estate tax liability, that should be fully explored with your Financial Advisory Team, such as:

  • Gifting
  • Stock Sales
  • Trusts
  • Limited Liability Corporations
  • Family Limited Partnerships
  • Share holder Buy/ Sell Agreements

Business Valuation

A value of the business that is in compliance with IRS rules and regulations is of paramount importance, as both overvaluing or undervaluing a business for tax purpose can be very expensive mistakes. Having an excellent team of tax and financial advisors to assist you is absolutely essential.

Consult a Tax Attorney and CPA

As  Business Coaches who have seen what makes a company successful, I find many companies could use more legal and accounting help. Experienced tax attorneys and CPAs specializing in family businesses are an absolute must. Seek their advice and opinion. This article is not meant as tax or legal advice. Be sure to consult a licensed professional.

About The Article Author

Frank Goley has a diverse and wide-ranging experience base as a business consultant, business turnaround consultant, business plan expert, business plan writer, business coach, small business consultant, business planner, marketing consultant, online marketing consultant, seo consultant, and Business Plan Consultant for ABC Business Consulting. Frank is considered an expert in writing, developing and implementing business plans, business turnaround plans, funding business plans, Marketing Plans, strategic plans and web marketing plans. Frank offers comprehensive business consulting, business coaching, business turnaround consulting, along with web seo, web development and web marketing consulting, to small and medium size companies. Frank is the author of a business plan book, The Comprehensive Business Plan Workbook – A Step by Step Guide to Effective Business Planning, and he has over 130 published articles and e-books on business success strategies. He also writes the Business Success Strategies Blog.


Interesting Articles

Written by JamieK on November 23rd, 2010

Estate Planning Strategies and Asset Protection   no comments

Posted at 6:44 am in Writing a Will

There are a lot of people in society claiming to be experts on Asset Protection and Estate Planning strategies.  However , not very many of these so-called “experts” practice what they preach or have the track record and credentials to back up their claims. One of the few who can and does is Lee R. Phillips. Now you’re probably wondering how Lee R. Phillips system is different, well here’s his story:

Lee Phillips has been practicing law for over 20 years now. He was diagnosed with terminal cancer and given 3 weeks to live very early on in his career. After a long battle he finally beat the cancer. But for two years he didn’t work.

…and his medical bills were staggering…

Don’y forget he was already an attorney, the legal system still took him to the cleaners along with various creditors.
What the legal community was doing to people made him furious.

His wife Kristy was so frustrated in fact from dealing with the legal and medical battles that she may have went a little overboard:  she also went to law school and became an attorney!
After the effects of financial tragedy on his family, witnessed first hand, Lee has since dedicated his career to helping people do the simple legal paperwork that can make all the difference in the world when financial tragedies such as death, taxes, lawsuits and illness strike.

Estate Planning and Asset Protection have been his life ever since. Besides writing several books on the subject, he now travels the United States and Canada speaking to groups about how simple legal documents can wield enough legal power to protect you from the tragedies. People pay thousands of dollars to attend his seminars throughout both countries. The exact documents from his system are used by his successful office every day.

You will learn about using powerful asset protection techniques, such as:

    * Creating and Maintaining LLC’s and Corporations

    * Using Family Limited Partnerships

    * Separating your assets into different “legal pockets”

You’ll learn how to use the powerful fundamental documents of estate planning such as:

    * Revocable Living Trusts

    * Durable Powers of Attorney

    * Living Wills

    * Testamentary Wills / Pour-Over Will

    * and many other powerful legal tools

You’ll also learn how to:

    * Eliminate or slash estate taxes

    * Protect your home from lawsuits

    * Avoid probate

    * Save on income taxes

    * Avoid legal battles

    * Use lawyers, and not be used by lawyers

    * And implement many other strategies that will literally Save You Thousands with your financial planning

You owe it to your family and yourself to at least investigate this course further.  Protect your assets!


Interesting Articles

Written by JamieK on November 23rd, 2010

Estate Planning Strategies and Asset Protection   no comments

Posted at 11:30 pm in Writing a Will

There are a lot of people in society claiming to be experts on Asset Protection and Estate Planning strategies.  However , not very many of these so-called “experts” practice what they preach or have the track record and credentials to back up their claims. One of the few who can and does is Lee R. Phillips. Now you’re probably wondering how Lee R. Phillips system is different, well here’s his story:

Lee Phillips has been practicing law for over 20 years now. He was diagnosed with terminal cancer and given 3 weeks to live very early on in his career. After a long battle he finally beat the cancer. But for two years he didn’t work.

…and his medical bills were staggering…

Don’y forget he was already an attorney, the legal system still took him to the cleaners along with various creditors.
What the legal community was doing to people made him furious.

His wife Kristy was so frustrated in fact from dealing with the legal and medical battles that she may have went a little overboard:  she also went to law school and became an attorney!
After the effects of financial tragedy on his family, witnessed first hand, Lee has since dedicated his career to helping people do the simple legal paperwork that can make all the difference in the world when financial tragedies such as death, taxes, lawsuits and illness strike.

Estate Planning and Asset Protection have been his life ever since. Besides writing several books on the subject, he now travels the United States and Canada speaking to groups about how simple legal documents can wield enough legal power to protect you from the tragedies. People pay thousands of dollars to attend his seminars throughout both countries. The exact documents from his system are used by his successful office every day.

You will learn about using powerful asset protection techniques, such as:

    * Creating and Maintaining LLC’s and Corporations

    * Using Family Limited Partnerships

    * Separating your assets into different “legal pockets”

You’ll learn how to use the powerful fundamental documents of estate planning such as:

    * Revocable Living Trusts

    * Durable Powers of Attorney

    * Living Wills

    * Testamentary Wills / Pour-Over Will

    * and many other powerful legal tools

You’ll also learn how to:

    * Eliminate or slash estate taxes

    * Protect your home from lawsuits

    * Avoid probate

    * Save on income taxes

    * Avoid legal battles

    * Use lawyers, and not be used by lawyers

    * And implement many other strategies that will literally Save You Thousands with your financial planning

You owe it to your family and yourself to at least investigate this course further.  Protect your assets!


Interesting Articles

Written by JamieK on November 22nd, 2010

Planning for Tax Implications in a Family Company   no comments

Posted at 9:50 pm in Writing a Will

One of the biggest threats to the successful continuation and succession of family businesses are the constantly changing tax laws.  Utilizing an experienced Estate Planning Attorney, Tax Attorney and Business Attorney, along with a solid Business Accounting Firm, to ensure you not only maximize present profits while minimizing your tax liability, but also successfully plan to pass your estate and business onto heirs in the most tax preferenced way.  Here are some Estate Planning considerations to keep in mind while planning for business continuation and succession.

Maintaining Liquidity

If there is insufficient cash to pay for estate taxes, then the cash will be drained from the business when it genuinely needs it most. Plan for the perpetuation of the family business and maintaining its liquidity and cash flow or you may be forced to sell its prized assets or entirely.

Proper Estate Planning will…

  • Reduce the need for beneficiaries to remove funds from the business.
  • Maintain beneficiaries’ interest stakes by keeping funds in the Company.
  • Provide a fluent transition when developed in conjunction with the Management/ Leadership Strategic & Succession Plan and the Company’s Operating Authority Plan.

Sell the Controlling Stake in Advance

Selling the patriarch’s / matriarch’s stake in the business, in advance of any Succession Plan implementation (whether a planned or sudden departure) to family members can be the best estate planning a family business can employ, while giving the business leader control of the Company and  Funding Business Plan until the agreed upon relinquishment.

Resource: For more information on business planning, please see my article on  Write Business Plan.

Tools to Minimize Estate Tax Liability

There are a host of structural tools which can be used to minimize estate tax liability, that should be fully explored with your Financial Advisory Team, such as:

  • Gifting
  • Stock Sales
  • Trusts
  • Limited Liability Corporations
  • Family Limited Partnerships
  • Share holder Buy/ Sell Agreements

Business Valuation

A value of the business that is in compliance with IRS rules and regulations is of paramount importance, as both overvaluing or undervaluing a business for tax purpose can be very expensive mistakes. Having an excellent team of tax and financial advisors to assist you is absolutely essential.

Consult a Tax Attorney and CPA

As  Business Coaches who have seen what makes a company successful, I find many companies could use more legal and accounting help. Experienced tax attorneys and CPAs specializing in family businesses are an absolute must. Seek their advice and opinion. This article is not meant as tax or legal advice. Be sure to consult a licensed professional.

About The Article Author

Frank Goley has a diverse and wide-ranging experience base as a business consultant, business turnaround consultant, business plan expert, business plan writer, business coach, small business consultant, business planner, marketing consultant, online marketing consultant, seo consultant, and Business Plan Consultant for ABC Business Consulting. Frank is considered an expert in writing, developing and implementing business plans, business turnaround plans, funding business plans, Marketing Plans, strategic plans and web marketing plans. Frank offers comprehensive business consulting, business coaching, business turnaround consulting, along with web seo, web development and web marketing consulting, to small and medium size companies. Frank is the author of a business plan book, The Comprehensive Business Plan Workbook – A Step by Step Guide to Effective Business Planning, and he has over 130 published articles and e-books on business success strategies. He also writes the Business Success Strategies Blog.

Written by JamieK on November 22nd, 2010

The benefits of making a will   no comments

Posted at 6:51 am in Writing a Will

All adults have the right to set out who they would want their possessions and assets to go to in the event of their death. But with 50% of the population unlikely to make a will before they die, it’s clear that the benefits of making a last will and testament are being well communicated.

Here are 10 reasons why you should make a will…

1. Intestacy Rules – If you die having never made a will, it will be the law who gets to decide how your estate is shared. What you would have wanted won’t be considered – even if it’s something you’ve promised someone.

2. No Family – If you don’t have any family, everything you owned will then go to the government – even if that’s not what you wanted.

3. Inheritance Tax – You can significantly reduce the amount of Tax you pay – sometimes even reducing it to nothing – if you have made a Will.

4. Legal Guardians – the writing of your Will means if you have children, in the event of your death you can appoint who you like to bring them up. The authorities will decide based on what they think is right, if you have not made a Will. Your children could be raised against your wishes as thery may well not choose who you would have wanted.

5. Trust Funds – In the event of your death,your children’s inheritance can be sure with the help of a trust fund. You can make sure they are at a responsible age to use it properly before it is paid to them.

6. Partners – If you haven’t made a Will, are only in a relationship and not married or in a civil partnership, your partner has far less rights to your estate and could even receive nothing.

7. Charity – By including any Charitable donation in your Will, the donation will be free of Inheritance Tax.

8. Costly – Your expextations on the costliness of making a Will may be misjudged, however, the cost of sorting out assets and an estate in the event of you not making a will could prove a lot for those you leave behind.

9. Your funeral – Your loved ones could struggle to pay for your funeral, which is costly, if your assets are tied up in legal discussions because you fasled to make a Will. Inheritance money can be set aside to take care of the arrangements, as with a Will in place, money may become available quicker.

10. Distress – Having arguments or discussions about the distribution of an estate when mourning a loved one, is very distressing. Following the making of a Will, your wishes are already set out, so it won’t be a Solicitor thats distributes your assets.

You will need to find family Solicitors to help you if you decide now is the time to make a Will. Ensure your wishes are adhered to by seeking  the help of a profdessisonal Wills and Probate Solicitor.

The author lives in Spain and runs a Purse Hook Company selling Purse Hooks and Purse Hangers

 


Interesting Articles

Written by JamieK on November 21st, 2010

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