Residency Trust
Nobody likes to think about anything related to death, much less their own. That goes without saying. Nonetheless, death is a stark and unavoidable reality of life, and you need to plan for the inevitable, just like everyone else.
- You avoid that individuals who you do not want to inherit any part of your property or estate do so.
- If there are no direct heirs apparent, you are able to make plans in order that all of your assets do not fall into the hands of the state.
- In the case that there are many heirs apparent, you are able to plan your will or trust in such a way that there is no room for ambiguity regarding what goes to whom, and under what conditions. This way, everyone involved is sparred what can amount to countless administrative and legal proceedings, as well as the heartache and conflict that often arises from these disputes.
- You are able to determine which charitable organizations are to be the recipients of any funds derived from your estate.
- If you are not married but have had a lifelong partner, he or she may not receive anything after you die unless it is otherwise specified in your planned will
It doesn’t matter how old you are. If you are the title holder of a home, property, car, artwork, or any other valuable tangible or intangible assets, it behoves you to make sure that you are a “testator” (that’s the term used for someone who has a will).
This way you have peace of mind knowing that should the unexpected and tragic occur, what you leave behind is handled and distributed exactly as you had wished for in life.
In the United Kingdom, when someone dies without having had a trust or having prepared a will their property is distributed according to what is known as the ‘law of intestacy’.
This is quite a complex law -even more so when an individual has complex familial relationships- and there is no guarantee that the individuals and/or organisations you want to receive your possessions may do so. With Trusted Will Writers, we take the guesswork out of the estate planning process. Your loved ones will know that you took them into consideration after you are gone.