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Professional Will Writing Made Easy
In your 20s and 30s
Whether you’re married or in a civil partnership, or just living together, you may already have children, and your own place? Be smart, use your time wisely, and consider laying the foundations for your future through good financial and estate planning.
If you’re going to be successful, take control and plan your future (no-one is going to do it for you, unless you’re really that fortunate). You know what your income is, and by scrutinising your spending, you will work out where you’re wasting money so cut it out and make it work harder for you.
Writing a basic Will (which is all about you making your own choices) is a good starting point because if you don’t, the Government will decide who gets what, and when if you depart this cherished World – hmmm, that wouldn’t be so good, would it…
Your Will appoints your Executors (who will handle your Estate when you’re dead), Guardians to look after your children/minors (until they reach 18) and you can leave legacies to friends, family, charities and so on, but you will probably want the bulk of your money to go to your partner first, and children second.
Also a good move to give someone you trust the power to manage your property and affairs and/or your personal welfare in the event that you lost physical or mental capacity using a Power of Attorney. Much better to have one and hope you’ll never need it, rather than the other way around.
And as far as financial planning goes, look into tax-free interest on children’s savings, using a Child Trust Fund, pay attention to pensions, protect what’s important in life with income protection, life and critical insurance. Money will always be fairly tight so be cautious.
Oh, and have your parents protected their estate? As likely beneficiaries, you should be talking to them and educating them about this, after all who will lose out if you don’t?
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It is never too early in life to get organised but it can often be too late, so always aim to get it right first time. 