Your last will and testament is the document that specifies what happens to your estate when you die. Your Will is a legally enforceable statement of your wishes regarding matters to be attended to after your death and not operative until you have died. The most important factor that determines whether a Will is legal or not, is the way that it is signed and witnessed. Naturally we include very detailed instructions on how to do this with every Will we produce. Other features that you may wish to include in a Will (or Last Will and Testament) are specifying guardians for your children - if you have any that are young enough to need guardians. You can also include details about your funeral.
Primarily the will has to be drafted to ensure that it reflects your wishes accurately and as tax efficiently as possible. Frequently a trust may be appropriate for inclusion in the will. Several options are available including those used to minimise tax, protect disabled children, create a family trust fund or protect business or farming assets.
Your estate plan should probably include some form of a living trust, a power of attorney covering medical care and finances, a health care directive or living will, and a last will and testament. A power of attorney is a legal document giving somebody else power to act on your behalf. You should probably create a power of attorney covering your own health care and your finances, in case you are ever in an accident and you are unable to make those decisions on your own behalf.
A health care directive or living will is an instruction form that you fill out in case you are ever incapacitated to the point where you can't make your own decisions regarding your medical care. For example, you could instruct in advance that if you are ever on life support for more than two consecutive weeks, you should be removed from life support.
For more specific help and to talk through you options, call our team of expert advisers today
Please note this service is not regulated by the FCA