Harvey J. Johnson
4761 Romano Street
Lexington, MA 02421
Having a will can solve a number of issues upon your demise. First, you will avoid family wrangles that may draw your family apart. You also make sure that your estate is in the hands of people who will make good use of it. Besides all these, you will ensure that your family members are catered for even in your absence. However, there are issues that may get in the way of your plans. These may include inheritance tax.
This tax is chargeable to estates whose total value is in excess of £325000. The tax rate may go up to 40% of the total value of the estate in question. However, if at least ten percent of the estate is left to charitable organizations the tax rate may be lower by 4%. The tax is payable by the administrator of the will or its executor since the estate owner is no longer alive. Trustees may also pay inheritance tax if the trust they hold should be charged with this tax.
Inheritance tax is a menace to most families. However, this need not be the case for you and your family. You can reduce the amount of tax chargeable on you estate by writing a proper will. Making will online can help your family reduce the level of liability through legal and proper tax planning. If you are not conversant with tax issues, you need to consult an expert who will help you in identifying things that may substantially reduce your tax liability.
Certain ways of cash transfers each year may reduce the amount of inheritance tax payable. However, the amount transferred should fall within the legally acceptable bracket for exemption purposes. There is no need of leaving your family with an estate that will be more of a liability than an asset. This is why you should carry out proper tax planning for the good of all. Some states may have better provisions than others and therefore, you should ensure that you consult a tax expert who is conversant with the tax laws in your specific state.
Lasting power of attorney
This provision can be made while making online will. In decision making, capacity is very important. However, due to an accident or a disease, one may lose the capacity to make viable decisions. This is where this provision helps. The person making the will should ensure that if such a time arises, the interests of the family members are well taken care of. You can therefore choose one person or a group of people who will make decisions on your behalf to ensure a proper life for you and your family.
The person so named will therefore make decisions concerning financial matters as well as personal issues that affect your family. This should be a person you really trust and one who is incapable of ignoring your interests for their own interests. All the rules laid out for this provision to be legally binding should be followed to the letter.
Making online will has several advantages over the traditional will making process. One, you get to save on the costs of hiring an attorney as well as the cost of travelling to and fro during the will making process. It will also save you a lot of time that could have been used to travel and wait in life for the attorney to attend to you. Besides all these, you get to write your will at your own time. This means that you can choose when it is most convenient for you to write up your will. The convenience of online will writing cannot be surpassed. You can write the will from a place of your choice and at the time when you are free. You may also write a portion of the will each day till you write the last clause. It is therefore flexible.