As our population ages it is becoming more and more important to protect the interests of older age groups not just physically, but financially and emotionally.
If you die without a Will you are said to have died ‘intestate.’ This means that instead of your assets being distributed in a way that you have chosen, there is a formula that determines how your assets are to be distributed and in what proportions. This can mean that your family heirlooms, family pets, savings and property may end up in the hands of family members contrary to your wishes.
Finding out that you are an Executor for the Estate of a loved one can be confusing. Not only are you and your family experiencing grief, but you have been given the responsibility of an Executor. So what does being an Executor entail?
When people refer to “Estate Planning” a Will is the document that usually comes to mind. While a Will is extremely important, it is not the only document that is necessary to prepare when planning for your future.
One of the first things that may come to mind if you receive a large sum of money from a relative or a friend is to treat yourself! You might spend big on a new car, book a luxurious holiday, or purchase that extravagant gift you have always dreamed about.