In a world where moving jobs is an accepted part of the working lives of many people, the idea of planning for the future can seem like something that is fine to put off for a later day.
In the past, when ‘a job for life’ was the norm for a great proportion of the working population, the idea of rising up through the ranks in one organization and then taking a pension at the end of your career pretty much had things covered.
Today, the job market is a more uncertain world and people are much more likely to pick, choose, and swap between jobs in their lifetime. This can mean that keeping an eye on the future is more difficult and needs a little more attention.
Protecting Your Family
The idea of taking out insurance to cover times of illness or unemployment is quite common and not thought of as strange. However, when it comes to talking about making a will some people think it is a morbid and unsavory subject.
In fact, making sure that provisions are in place so that your family are looked after in a worst-case scenario is one of the most sensible things that anyone can do.
There are many practical issues which need to be dealt with in the process of administering the estate of a deceased person.
This basically means covering the legalities involved in making sure that all the assets of someone who dies are allocated to the right people. This can only really be done if there is a clear and valid will in place.
The first step in this process is called ‘Receipt of probate’ and basically sets in motion the actions needed to resolve any claims on the estate and then distribute all of the assets as set out in the will.
Probate is important because it determines whether or not an executor is in place. This is a person named by the deceased who they want to have the legal power to dispose of the assets as outlined in the will.
Making A Will
The actual process of making a will is not difficult and is something that many specialized companies do every day for all kinds of people from all walks of life.
It isn’t an expensive thing to do either, especially considering the amount of confusion it can help avoid for loved ones under extremely stressful circumstances.
Photo Credit: Shutterstock