Even though not many of us want to think about it, we will all have to plan what will happen with our entire estate once we have passed away. It might not be the most pleasant thing you will have to think about, but it is very important. Planning your inheritance well will ensure that your children are well looked after once you are no longer around to provide for them. Even if your children are already grown up with their own families by the time you do pass away, a strong inheritance plan will help them to increase their own financial situations. You might even have something left over the pass on to your grandchildren.
The best thing you can do to plan for your inheritance is to write a last will and testament. You will need to do this with a lawyer, such as www.klenklaw.com, so that it can certified an official document. Once it has been signed off as official, it will have the final world once you are no longer around.
Do you already have an idea of the kinds of things you will leave your children in your will? Don’t worry if you haven’t got a clue. Here are some great ideas.
One of the main things that people leave to their next of kin is their home. If you share your property with your other half, then you will technically own half of what the property is currently worth. In the event of your death, this half will automatically pass onto your spouse. However, it is best to note this in your will as well so that there can be no confusion. If you own your house outright, then it is very important that you name who it should pass onto after your death. This way, there is no confusion for anyone left behind once you pass away. You don’t have to leave it to just one person either. So, if you have two or three children, you could leave the house to all of them. They will then receive a stake that is worth half or a third of the property value, depending on how many of them there are.
If you have any money in bank accounts and savings accounts, you should also mention this in your will. That way, there will be no dispute about how the money should be divided up between your children. There will also then be no way that the money falls into the wrong hands. When you are updating your will, it is really important to get an overview of your cash savings in their entirety. So, even if you have money dotted around in different accounts, be sure to find out exactly is in each of them so you know just how much you can share between your children and any other next of kin.
Don’t worry if some of your cash is tied up in investments. These can often be inherited as well. However, when it comes to traditional forms of investment, such as stocks and shares, they will need to be sold so that the person who inherits them can then start new investments in their own name. It isn’t always possible to simply switch the name on the account, even if the original holder is now deceased. This is slightly different with new forms of investments. So, if you’ve invested in a cryptocurrency, such as bitcoin on www.xcoins.io, your next of kin can simply inherit these without selling them first. But remember that it is always best for you to check on the official guidelines when it comes to including certain investments in your will as there are different restrictions with each one.
Do you own something of particular value, such as an antique piece of furniture? Well, you don’t have to worry about what will happen to it after you have died, as valuable items can also be included in your final will. In fact, lots of people often include precious family heirlooms in their will so that their children will inherit them and that the item stays in the family for another generation. Unlike property or money, these valuable items can’t be split between different people, so you will need to think very carefully about who you want to pass it on to. Carefully thinking about this will also help you reduce any arguments that may arise between your children when they deal with your will and estate.
It’s not just property that can be inherited. If you own some land, this can also be included in your will as well. As with leaving a house, you can split the ownership of your land between different people. So, if you wanted to leave it all of your children, they will be able to each have a stake in the land’s value. They can then discuss it amongst themselves as to whether they want to continue sharing it or if one of them wants to buy the others out so that they can own it all.
If you are reading my blog, there is a very good chance that you run your own business. So, are you wondering what will happen to it once you pass away? If you are a partner in a business, then you could leave the value of your assets to someone in your will. If you are a sole trader or the only owner, then you can leave everything. Thankfully, inheriting a business is only rarely affected by inheritance tax. That’s because you will be able to apply for business relief which can help you escape from paying all that tax!
As you can see then, there are a lot of different assets that you can include in your last will and testament. If you need more guidance, though, it is worth speaking to a lawyer who specialises in estate inheritance. They will tell you everything you need to know.
This post is a collaborative effort by St. Louis Dad.