Did your grandparents have many assets when they passed away? So why are you using the same document to deal with your estate when you own your own home?

Most people use a Will to deal with their entire estate when they pass away. Why? Well what else can they use? When your grandparents passed away I bet there was barely enough money left to buy a round of drinks in the local club after their funeral was paid for. If they had made a Will, which is a debate for another day, it most likely would have been a basic Will. A basic Will for Basic situations and Basic estates.

Now, many would argue that by simply owning your own home your estate is anything but Basic? Throw into the mix the fact that we are all living longer and remarriage after first death is on the rise along with the possibility of needing some type of care in later life more likely the older we get. Not to mention second marriages, fall outs with children and God knows what else. I’m tempted to mention the cliche which involves being able to see into the future and a small spherical object but if we could predict the future then why are so many children left with more questions than answers after their parents have passed away and somehow they have ended up with far less than expected.

I’ll tell you why. It’s because most people are using a document to deal with their estate that was used by their parents and grandparents and they don’t know that there is a much better way.

In the last 50-60 years home ownership has become much more commonplace. Not only that but people who bought homes in the 60s,70s and 80s have seen the value of these lumps of bricks and mortar grow significantly in value. These properties are owned outright and are extremely vulnerable to future life events. With wealth comes responsibility but we are mostly still using basic wills to deal with large estates. 

Don’t get me wrong, it’s much better to have a Will than not but what most people don’t know is that there is another document out there. A document which has been around since the 11th and 12th century. Where a basic Will can only deal with your estate after you pass away, your voice from the grave, this other document is put into place now, whilst you are alive. The reason this document is so much better than a Will is that it was conceived by the wealthy to protect their wealth for future generations.

So would you rather use a document which takes effect after you have gone and will only deal with what’s left, if anything, at that point or would you prefer to use a document which takes effect now, was designed by the wealthy to protect their wealth and protects assets during your lifetime. This type of document will help with:

  1. Protecting assets during your lifetime meaning that whatever life throws at you assets won’t be eroded 
  2. Making sure children can inherit quickly and cost effectively. Assets bypass the time and the expense of probate
  3. Assets are protected from children’s unpredicted unfortunate circumstances such as divorce, bankruptcy, illness etc
  4. Assets are protected after 1st death and the survivor goes on to have another relationship or marriage
  5. Assets are protected from disinherited family members making claims against your estate

But, I guess the ultimate goal here is Peace of Mind. We all worry about all manner of things. Some worry more than others. We are all guilty of worrying about silly things but I think you can’t be found guilty of worrying unnecessarily when it comes to death, illness, your home, your loved ones and making sure it all goes to the people you want it to and at the right time.

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Estate Planning for your loved ones