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.

A Life Insurance Policy Can Give You Peace Of Mind

The saying happiness is a choice is too cliché but it is nonetheless true in many instances. Our life decisions help pave the way to either happiness or ruin, which means that prudence has to be exercised when making day to day choices. One such decision that we do need to make is how to prepare for the future, and while it may be morbid to think about our passing one day, many say it is a healthy attitude towards the reality of life. Hence, life insurance is becoming increasingly popular among young adults.

While life insurance is basically a preparation for the inevitable, it also provides benefits to people from day to day, including peace of mind.

Here are some of the ways of how life insurance can make people happy.

  1. Provides a Sense of Security for the Future

Security comprises a major part in peace of mind. The feeling of having a safety net, whatever may happen, gives a good feeling. Secure people are generally happy and they tend to appreciate the present more than those who opt to shoot in the dark and rely on luck. Having a life insurance provides such sense of security for people. It is said that many people in their late adulthood who have life insurance are reportedly happier than those who don’t.

  1. Gives Peace of Mind

Nothing compares to peace of mind. In fact, this is the top reason why people work hard and accumulate wealth. However, it seems elusive to some and many are quick to lose it. Buying life insurance gives a certain degree of peace of mind as it allows a person to secure his or her person. Knowing you will be taken cared of well upon your passing helps you feel prepared, and thus feel good about yourself. It also reduces the worries of future financial status and makes one enjoy their day to day life better.

  1. It’s a Way of Caring for Your Family

Family is one of the greatest things that can make you happy, and this happiness grows exponentially as one provides and cares for his loved ones. The same is true with life insurance. Buying yourself a life insurance plan is a portrayal of love to your family because you take the burden off of them when the time of your death comes. Life insurance will cover expenses upon death and this takes off a heavy financial load from your loved one’s shoulders. With it, you can also better enjoy your time with your family because you know everything is taken care of.

Whatever other reasons may be on how life insurance contributes to your feelings of happiness, it is doubtlessly beneficial in the long run. This is why it is always better to buy a plan while it is still early on in life.

 

Getting Financially Savvy In Time For 2020

With Brexit edging ever closer, the credit crunch still in full flow, and money becoming increasingly tight, 2020 may well be the year when many people have to, once again, tighten their belts when it comes to family finance. But, if we are being truthful, are we as canny with our budgets as we could be. I know my answer to this question is no, but 2020 could be the year when you change all this.

Woman with coins in jar

Woman with coins in jar

Here are some of the things you could be looking at.

Bank Accounts 

Look carefully at your bank accounts. I have had the same bank account with the same bank for many years, but I’m not sure it is the right one for me now. Shopping around for a new account with better interest rates on savings could help to increase savings, and if they also offer things like travel insurance and other incentives, this may also save the pennies. In addition, my son Joe is now almost 11 and I think it is time he had a bank account of his own to teach him all about the reasons for saving. Many banks offer specific savings accounts for families and these are well worth a look.

Borrowing

Look carefully when you need to borrow. Bank loans and borrowing can leave you in a position where you can only borrow a large amount, which you then end up paying interest on. Borrowing in general can also be difficult if you have a low credit score. Polar Credit could well be worth a look if either of the previous statements apply to you. They offer a credit line which allows applicants to borrow money as and when they need it. Customers apply for a credit limit through an online application and if the application is approved, sums of money can be transferred to your bank account. Interest is paid only on the amount of money drawn out of the credit line, not on the total credit limit agreed, and repayments can be tailored based on an individual’s current financial circumstances with only a minimum repayment being a required each month. This means you can borrow small amounts (from £25), get the money quicker than you would from your bank, and with far lower interest rates than you would find from payday loan lenders.

Household Bills

Look at the household bills to see where savings can be made. Utility bills need to be looked at carefully, swapping your provider can lead to quite decent savings, and you can also lock yourself into deals which fix your rates for up to 12 months. In addition, if you use Quidco, you can gain cashback when you swap.

Your Shopping

Write a shopping list. This may sound like a no-brainer, but I never do this – ever. I walk around the supermarket and throw anything (and everything) in. Planning meals properly, checking what you actually need and writing it all down in a list should avoid waste and impulse buys.

Your Home Insurance

Keep up to date with when insurances need renewing and then shop around. I kept the same home contents insurance for years, I just kept renewing at a rate of £33 per month. I then had a random letter from ‘More than’ and saw they did home contents insurance. A quick phone call led to a new policy saving more than £250. When it comes to renewing, barter, and if that fails, get more quotes.

Shopping Online

When you shop online, shop savvy. Look for voucher codes, free delivery offers, companies that offer free returns. Sign up to email alerts that will tell you when the sales are on, or if there is a flash sale coming up. Nobody says you should never shop or treat yourself, but there are definitely more savvy ways to do it.