Wednesday, September 18, 2019

Good Will: Making Your Family’s Future As Easy As Possible

person opening photo album displaying grayscale photos

No one likes the idea of the people they care about struggling when they’ve passed away. As one of the heads of your group, it is natural for you to feel a strong responsibility for those who can’t necessarily look after themselves, and a lot of people put a huge amount of time into securing their future. Of course, though, while you might be leaving them with your life’s work, you could also create some challenges along the way. To help you out with this, this post will be exploring some of the road blocks which can come with traditional wills, along with some ways to overcome these issues without changing the end result.

Heavy Taxation
Inheritance tax is widely regarded as unfair. While someone is taking on new wealth or assets, tax has already been paid on them by someone else, and it doesn’t really make sense for a government to take another dip into the pot. When it comes to something like a house, people often can’t afford the tax which comes with them, and will have to sell the assets they’ve recently come in to cover the costs. By giving something like this as a gift before you pass away, you can limit the amount of tax which has to be paid on it, while also preparing your loved ones for the bills they might have to cover.

Transfer Issues
Making sure that a will is honored can be a real challenge, with huge amounts of work which has to go into it. One of the biggest challenges which people face will be transferring high-value property into their own name. In the case of a house, this sort of process can take months or years, with your loved ones being dragged through a painful process as a result. A living trust lawyer can help you out with this, making it possible for you to put your assets into a shared pot which your loved ones will be able to take ownership of when you pass.

Covering The Fees
While it is a difficult time for families to get through, the legal professionals which support families through honoring a will still have to make some money out of it. This can make a will cost a small fortune, especially when the fees haven’t been covered in advance. It’s always worth looking for lawyers who will be willing to let you pay for this before you pass. While there may be smaller fees which still need to be covered, this will ensure that the people you care about won’t be burdened with them, while also ticking all the boxes when you’re organising your legacy.

It’s a shame that it takes so much work and effort to make sure that your loved ones get their hands on the things you’ve worked so hard for in life. People should be able to mourn during times like this, rather than having to jump through legal hoops. Of course, though, this isn’t going to change anytime soon, and this means that you have to work hard to overcome these issues for yourself.