My son is currently on remand waiting trial. We have had a really tricky time over the last year learning about some of the things that he has been doing, but we want to make sure that we support him through the trial so that he can get a fair process. Having family on your side can help the prisoners to have an easier time at trial and can often help the lawyers to provide the strongest possible defence in court. This blog explains how family members can help to make sure that legal process goes smoothly and that the lawyers get all of the resources that they need.
It is always said that not enough people create wills, and that is very true. One of the reasons why most people never get around to this most important task is because they do not consider themselves as owning anything worthy of noting in a will. Unfortunately, this is often incorrect. Many adults without a will own property that should be in a will. So when is the right time to prepare a will? Find out below.
When you buy property
Property is not the only thing that goes in a will. However, property is top of the list when it comes to wills due to its high value. As a result, it's also the most controversial item when it comes to probate and inheritance. Property here includes a house or an undeveloped piece of land that you may have purchased for business, development or cost speculation.
When you start a business
A business should also be noted down in a will. That's because it can be quantified into money. And, after you pass away, your business may need to be passed on to other people, people of your choosing. And even though your business may be small now, it could grow into a national or international outfit by the time your will is read. Businesses that apply here include wholly-owned entities, partnerships or company shareholding. Even company stocks and securities that you invest in should apply here.
When you open a bank account
Many people forget that the money in their bank accounts, too, needs to be noted in a will. You may not have property or expensive items, but you may hold a sizeable bank account. Another thing most people overlook is that upon death, certain payments, e.g. pension, insurance money, etc., may accrue into your bank account. So even if your bank account is nothing to speak of now, it may hold lots of money later on in life.
When you buy valuable items
Another great opportunity to create a will is when you buy items of value. That is, anything that costs considerable money. Cumulatively, you will own many such items throughout life. Adding them to your will allows you to ensure that they end up in the hands of the right people after you pass away. These valuable items may include cars, ATVs, trailers, motorbikes, music instruments, pets, art, collectibles, etc.
When you inherit
The items that go in a will must not necessarily be those that you have personally bought or created. If you inherit property, cash or valuables from a friend or relative and you do not have a will, create one. The will allows you to protect your newly-acquired wealth. The same applies to expensive gifts that you may receive from acquaintances.
Note that even after you have created a will, you will need to constantly update it every time you sell or add items into your possessions.
Share7 November 2016
