3 Main Reasons Parents Should Draft a Will

Writing a will is something that most parents put less importance with regard to their priorities. In fact, some people don’t know that a will is an essential legal document that helps secure their children’s future as well as their entire family’s well-being. It is something that people need to prepare while they are still alive.

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As parents, you have to ensure that your children are always safe and you provide them all the things that they need all the time. Their future should be assured just in case you leave them unexpectedly. Hence, you should draft a will with the aid of a legal expert such as Wills, Trusts & Estates Solicitors as soon as possible. You also need to ensure that your will is kept up to date as your family grows and circumstances change.

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Why do I think a will and testament is important? Here are some of the reasons:

Children

With every parent’s life, children are the most important people to consider. This is why you have to think about their welfare at all times. You have promised a long lasting duty to support and love them, so make sure to fulfill it. In the event that you haven’t made procurement for their guardianship upon your demise, then the law and court will choose for you. And if you don’t want that to happen, simply compose a will with the goal that you can be the one to choose who will best bring up and cherish your children when you are no longer around.

Estate Taxes

It is no surprise that estate taxes eat up a portion of the cash you leave behind. The elected and state government get a bit of your money and when your estate winds up in probate court, since you didn’t leave a will, the lump taken out will be considerably higher on account of lawful expenses. Thus, make a will now to avoid other people from benefiting from it. Despite the fact that you can’t thoroughly evade the charges, you can still lessen them by placing directions in your will to concede endowments to people or place cash in trust funds.

Assets

Without a will, your assets will be isolated up with no information from you. Regardless of the possibility that you don’t have truckloads of money, your possessions will be divvied out with no respect to your desires if you do not draft a will. The probate court will utilize a pre-determined legal formula to choose who receives what and the amount they get. Try not to leave your wealth at risk. It is best to take control of what happens with your properties by understanding your last will and testament as soon as possible.

A will is a very important document to everyone, especially to all parents from across the globe. You need to guarantee your family’s welfare when something unnecessary happens to you. Writing a will with the aid of a company like Wills & Probate Solicitors Wilson Browne will let you secure your family as well as all your properties.

8 Frugal Living Tips For Mums and Dads


The difference between frugal living and being a cheapskate is something you can see when you look in the fridge.  When you look inside a cheapskate’s fridge you will find nothing but on the other hand, a frugal cook will have a lot of healthy foods stocked in the fridge. The literal meaning of frugality is to spend less money than you are earning, saving it, and utilizing it for useful purposes. I have compiled a list of frugal money saving tips to help out mums and dads on a quest for saving money.

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  1. Make sure you find some good coupons, as well as visiting UK free stuff sites for some fantastic frugal savings. You can save a lot of money by checking out the current offers before you start your shop. Also shop around for the best deals on household appliances, home wares and other items that can be more expensive purchases to make sure you get items that will really work for their money and should last you longer. I also suggest to read product reviews before you buy anything – you can do that on Trustorereview.
  2. Save all the change and extra coins in a piggy bank that no matter what you can’t open (without using a diamond cutter.) When the piggy bank gets full and heavy then you should open it and save the money in your bank. I deposited £128 in our bank account the last time we broke our piggy bank.This is also something I get my little boy to do to save his holiday spending money.
  3.  You should take a look at your weekly menu and cut some of the meat out, going vegetarian is not only good for your health but it also lets you save a lot of money.
  4. Make your detergents at home, it’s easy to do and there are a lot of tutorial videos on YouTube.
  5. You can visit Baby and Kids Market and eBay to sell all of your baby’s old clothes, toys and other equipment. I personally did this and made £112 which I then used to buy new clothes for Joe. This habit can not only help you save money but is also helpful for the environment as we get to recycle our old things. Most children’s clothing is not that worn – they grow so quickly after all, so good quality stuff is snapped up and you can make a decent profit.
  6. Take your kids to the nearby park or playground instead of an indoor play centre which can cost a lot of money. Joe loves the park, we just take a picnic and a football, and can have hours of fun.
  7. My visits to the supermarket are always planned. At the start of each month, make one visit to the grocery store and meat, vegetables, milk and bread in bulk – this is often a cheaper option.  Freeze the excessive stuff and use it through the month. It not only saves money on making the trips to the store but also stops you from buying clothes and other luxury items that you don’t really need on each visit.
  8. Always keep an eye on your electricity consumption. Keep the extra lights switched off and make sure that all of your appliances are running on energy-saving mode.

Is there anything you do to be more frugal? Let us know…

How to create a safety net for your family

No one wants to think about what would happen to their family if they were unable to work. But if you were to fall ill, have an accident or even pass away, your partner and children could be left with much less income than before. Even if you’re not the primary earner in your home, the loss of your earnings could have a devastating effect. It’s important to think about these things before they happen, even if it’s not very pleasant. There are lots of things you can do to prepare for a situation when you can’t bring any money in or might not be around anymore.

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Get Income Protection or Critical Illness Insurance

If you can’t work for a short time or are diagnosed with a serious illness, it helps to have a way to keep money coming in. If you suddenly can’t work, you might have only a little income or even none at all. One of the insurance types you can consider is income protection, which will pay out for a short time if you can’t work. It can cover things such as your mortgage and bills. It’s especially useful if you’re self-employed and don’t have a company sick pay scheme. Another option is critical illness insurance, which will help you if you’re diagnosed with one of several illnesses.

Take Out Life Insurance

Death is a difficult thing to think about, but it’s something we’ll all have to face some day. While we all hope that our children will be grown, and we’ll be long retired by the time it happens, you can’t predict the future. If you do die while your children are still growing up, you want to know they won’t have to worry about money when you’re gone. One of your biggest expenses now is probably your mortgage. If you read a guide to home insurance, it will recommend life cover to help pay off your mortgage after your death. As well as helping them keep their home, it could cover other costs too.

Write a Will

Another way to prepare your family for after your death is to write a will. This is important if you have assets and if you have dependents. You can have a say in what happens to your children, as well as who receives your money and personal possessions. It doesn’t take long to write one up and make sure it’s legal, but it could make a significant difference if anything happens to you. If you’re a single parent, you might find it especially important to specify who will look after your kids.

Incorporated into this is planning for your funeral. It is not something we really want to think about, but buying a funeral plan, either upfront, or using monthly installments, can be a way to relieve a financial burden on your family, and most importantly, your children. A service like Co-op Funeral Directors offer plans that run from 2 years to 25 years, and help to take not just the financial burden away, but also the uncertainty that you are doing the right thing.

Build Emergency Funds

Another way to prepare for illness or accidents that take you out of work is building an emergency fund. You may already have one to deal with repairs in your home and other emergencies. But you might think about building it up a little more, in case you need enough money to live on for a short period. Some people save between three and six months’ income, just in case.

Start preparing for these situations, and you’ll be grateful if anything ever happens. If it doesn’t, you’ll still be glad you took the right precautions.