Deciding to have your will drawn up isn't always easy. Anyone can create a will at any time of their life as long as they are 18 years or older. There are many reasons that you might consider a will including the shear fact that it gives you the peace of mind to live your life to the fullest knowing that your wishes after death will be illustrated in your will. When you do decide that it is time to put together your last will and testament, you will probably be trying to decide if you need to hire a probate solicitor or if you can do the job yourself.
DIY or Hire a Professional?
There are several ways that you can go about creating your will. Solicitors can provide you with the help that you need and have all the experience that you might be looking for. If you have a large estate, complicated business arrangements, multiple children from different relationships or you have any unusual property related situations, hiring a solicitor might be the best option. They will have the experience and understand the laws to be able to best help you with the proper way to manage those situations.
You might also find that hiring someone online to write the will for you is the best approach. There are companies that write wills online with the information that they provide to you. After you receive the will and it is to your satisfaction, you can sign it in front of two witnesses who will also sign the document. This is a cost effective medium between hiring a solicitor and hiring someone to simply write the document for you.
If your circumstances are fairly simple, doing the work yourself is well within reason. You could simply write down your wishes for how your property should be distributed, who should take care of your children under the age of 18 and who will be the executor of your estate. This is the person that will handle the particulars of your estate after you have passed away.
Deciding When to Get a Will
Some of the important times in your life might make you see the value in having a will. If you have recently married, had a child or made some investments, you might want to consider having a will drawn up. It is also possible that if you have started a new business or are planning a major trip out of the country, that a will might be a good fit. You don't need to have a major milestone occur in your life to decide a will could be beneficial.
Including Your Family
It may not seem like something that would make a good conversation piece, but you should make sure that your immediate family knows that you have created a will and where the original is held. You could have the will held by a solicitor, in a bank box or even in your home in a secure location. Letting your family know of its existence can help them if you should pass away. In all reality, you are doing your family a service by having a will drawn up. It will eliminate the need for them to guess what you would have wanted and keep them out of probate battles.
It Can Always be Changed
While the will will hold its value for as long as you live, you can make changes when you find them necessary. Should you need to remove someone from the will, add someone or make changes regarding who gets what, it can be done. This can't be done directly to the original will, but with the help of another document called a codicil. The codicil acts as an amendment to your first will and will include language that says so. If there are many changes you will want to draw up a new will that includes information relating to invalidity of the original will.
The decision to have a will drawn up may come at any point in your life. Deciding whether to have someone do the job for you to do it yourself really amounts to how complicated it will be and how much money you have to get the will completed.
Permanent Life insurance remains a neglected commodity, although the consensuses among many economists endorse the purchase of universal life policies. Yet, for many, the question remains - what's the benefit of buying these types of policies, other than a death benefit, when you could simply save your money in a bank account?
It all depends on your obligations and what you need to accomplish in your golden years, yet studies find that most people are always under-insured. As inexpensive as insurance policies have become shown by SimpleFS life insurance quotes, people still sacrifice what they need the most.
The Flexibility of Permanent Insurance
Typical life insurance policies provide temporary coverage for a specified period of time, such as 10, 15 or 20 years, but you may live longer than the time specified in your policy, then the policy will expire, and you will have to find yet another policy, that is, if you want to have coverage.
Universal insurance policies are permanent. With a permanent life policy, you do not have to worry if you outlive the policy term because your contract provides you with coverage for your entire life as long as premiums are paid.
Permanent Policies At-A-Glance
• Flexibility to change the premium and benefit amounts
• A guaranteed interest rate
• You can take loans against the cash value
• The option to use the value of the cash to pay in full an insurance smaller in the future
Universal insurance is a hybrid policy - a blend of death and premiums are paid towards your life death benefits and an investment fund. When you pay the premium to the insurance company, a portion pays for the policy and the balance is invested, most likely, in mutual funds and earns a return.
The cash value of a permanent policy is the crux of insurance: It is a savings account that you have within your policy and accumulates for you over time, not to mention, has deferred tax.
Grow it or Give Your Money Away
Retirement can certainly become less fulfilling when you must share your income with Uncle Sam. Every penny you've socked away is still encumbered by taxes. The good news is that the cash you've accumulated in a universal policy can be tax-free, that is, after retirement.
Sure, your typical savings account at your local bank helps you save money, but today's low interest rates certainly won't help you build a nest egg. Retirees can make monthly withdrawals from the cash value of a universal insurance policy to supplement a limited income. As long as the amount of withdrawals is less than the amount of the premiums, the withdrawals remain tax free.
The cash portion in a permanent life insurance policy earns a higher rate of return due to their equity investments. Additionally, not only are these policies flexible, but they are adaptable to rapid stock market changes. The policy pays out a minimal guaranteed rate of return, no matter what, so when it comes to risk, the insurance company absorbs it, not the insured.
The Versatility of Life Insurance
Consumers have begun to explore the under-stated value of life insurance policies, and how to take advantage of this flexible asset. Universal policies offer a variety of options that we usually ignore. For example, today, many senior citizens are faced with challenging financial choices and have opted to utilize the policy's cash accumulation for loans against the policy and their long-term care expenses.
As the cost of living rapidly increases, you can quickly become destitute, especially when paying for long-term senior care, but loans are just one way to monetize an insurance policy. As long as the policy has value, you can borrow up to 90 percent of the cash value of your policy, tax free. This certainly comes in handy when you're facing a financial challenge.
In comparison, bank loans offer no advantages; you must meet credit guidelines, you pay back the face value of the loan plus interest and you have time-enforced restrictions on that loan. The cash value portion of your policy is your money and you can borrow the money at any time.
Today's cost of living is outpacing retirement checks, leaving very little to live on, thus if you plan on having an affordable life cover the necessities for those golden years. Insurance policies are an outlet that often helps when you need extra funds.