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The significance of having a will drawn up

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Wills are written documents that are designed to speak for their creators after death. It expresses the manner in which you wish your property and assets to be dispersed after your death. In the event that you should pass away before your children reach maturity, it appoints a guardian who will care for them. Additionally, it provides additional precise instructions, such as your desired burial preparations, in the will. All of these are significant choices that you shouldn’t leave up to a game of chance. Despite this, a survey conducted in 2018 by the Angus Reid Institute indicated that 51% of Canadians do not have a will.

The good news is that it’s not as difficult as you might think it is. Everything you need to know to get yours in order is provided here for your convenience.

Who has a need for a will?

Wills are essential for those who have dependent children, property, or other assets. In addition, after it has been created and signed, it has to be revisited every three to five years to verify that it still reflects your life and the wishes you have expressed. Because of this, it is now possible for it to be modified to reflect any changes that may occur in one’s life, such as getting married, having children, a death in the family, getting divorced, or purchasing property.

When writing a will, what are some important factors to keep in mind?

Wills can be drafted in a variety of ways, each reflecting the individual’s choices with regard to their possessions and their legacy; nonetheless, there are a few components that are standard in all wills. These are the following:

Choosing a guardian for the children under your care. Choosing a guardian (or guardians) for your children who are under the age of 18 is one of the most significant decisions you can make in your will. If your children are under the age of 18, they are considered minors. It is possible that the talk may be challenging. The alternative, however, is as follows: in the unfortunate event that both parents die away unexpectedly at the same time, or if you are a single parent and pass away at an early age, a judge in a family court will be left to make the decision on your behalf. Even though the parents’ choice in a written will is not legally enforceable, a judge will almost always choose that individual to be the formal guardian of the child in the event that the parents pass away. (It is important to keep in mind that the regulations for choosing a guardian might vary from province to province.)

The process of selecting an executor. An executor is a person (or many individuals) who is tasked with the responsibility of administering an estate and ensuring that all of the instructions given in a will are carried out in accordance with the law. If you have a will, you should choose an executor. If you would rather have a friend or a member of your family serve in that capacity, you are free to make that appointment. Keep in mind that this is a function that might come with obligations that are both specific and time-consuming; therefore, it is imperative that you pick wisely. As a result of this, some individuals may decide to designate a competent third party, such as a lawyer, an accountant, or a trust firm.

What takes place if there is no will to govern your estate?

According to Canadian law, passing away without leaving a will is referred to as “intestate.” In practise, it implies that there are no explicit guidelines to follow in order to split or transfer your assets in the appropriate manner. Remember that if a person passes away without leaving a will, the regulations for administering their estate vary depending on the province or territory they lived in. Nevertheless, the procedure is typically time-consuming and costly.

Do you have insurance on your life?

Having the appropriate insurance is a critical component of a successful estate settlement. There are varied requirements for life insurance at each period of one’s life, ranging from the replacement of lost income and the safeguarding of an estate’s growth to the payment of funeral costs and meeting immediate financial necessities upon one’s passing. If you already have life insurance, you should double check that the beneficiaries that you have specified in your policies are also represented in your will, and that both documents are up to date.

Are you prepared to write your will?

It is not necessary for the creation of a will to be complex or expensive. In the event that you are unfamiliar with the procedure, the following are two typical and uncomplicated strategies to make one:

Create one of your own. Wills are valid as long as they are penned in the testator’s own handwriting and signed by the testator. Even though it is not required, having it signed by witnesses is almost always a good idea. If you want to avoid misunderstandings, you should attempt to be as detailed as possible when expressing your desires so that they cannot be taken in a variety of different ways. In addition, your intentions could not be carried out if you are not conversant with the law and give instructions that go against what is permitted by the law in the event that you leave a will.

Get a lawyer to write it up for you. This is often the most secure course of action, particularly if you have a significant amount of assets. A will can be written by a lawyer in such a way that it expresses the testator’s desires unequivocally and leaves no room for ambiguity or confusion. There is no one standard fee that all lawyers will charge, and even the same lawyer may have varied rates for the same service depending on the degree of difficulty of the case.

Once you have a will, you should store it someplace secure (for example, in a box that is resistant to fire, along with other vital documents), and you should also ensure that your executor is aware of its whereabouts. If you have an attorney draught it for you, they will normally maintain a signed original of the document even if you don’t want them to.

The most important reasons to draught a will

We take a look at some of the most compelling arguments in favour of writing a will, as well as the consequences for those left behind if you pass away without leaving a testament.

  1. Draft a will that specifies who will take care of your children if you pass away.

When you write a will, your primary responsibility is not to decide how your estate will be split. You also have the ability to choose who will be responsible for the care of your dependents. You have the ability to choose legal guardians for them if they are under the age of 18.

In the event that you do not, the choice may be handed over to the family courts, which may select a person with whom you would disagree.

It’s possible that you’ve asked close friends or family members to stand in as godparents for your kids, but this doesn’t tie them in any way legally.

Learn more about the importance of creating a will for new parents.

  1. Make sure that your kids have enough money to live comfortably.

You can establish arrangements to care for your children financially in the future, in addition to deciding who will be responsible for raising your children. This may involve setting aside funds for their schooling, ensuring that they receive a predetermined amount each year for clothing or hobbies, or building up a savings account for them to use when they are ready to purchase a home.

You should give some thought to establishing a trust in order to provide for your children since this enables you to exercise some degree of control over the circumstances under which your children get the money and how they spend it.

You can form a trust in one of two ways: either while you are still alive and do it while you are alive, or you can leave instructions for it to be established after your death and have it done after your death. Check out our comprehensive guide to will trusts to discover more about the many alternatives available to you, as well as how they operate and the potential costs involved.

  1. Ensure the financial well-being of your dependents, including any stepchildren

The law specifies that only spouses or blood relations can automatically inherit if there is no will, thus even if your step-children are an important part of your life or even if they are the only children you have, they cannot inherit automatically.

You will need to include your step-children in your will if you intend to provide for them financially in the event that you pass away. The same rule applies to children you have taken in as foster care or any other dependents who could rely on you for financial assistance.

  1. Protect your partner if you’re unmarried

No of how long you’ve been together, unmarried partners have no legal claim to anything from your inheritance unless it’s clearly specified in the will of the deceased person.

The creation of a will assures that your spouse will get their rightful portion of your inheritance upon your passing.

  1. Ensure the safety of your house for your family.

In the event that you pass away without leaving a will, your unmarried partner and stepchildren do not immediately become eligible to inherit the family home if the property is in your name. This means that they run the risk of being evicted from the property.

You have the option of include them in your will and leaving them either a portion of the property or the right to continue living in the home.

  1. Put an end to arguments within the family

If there is no will or if your preferences aren’t made clear, the process of dividing up an inheritance can unfortunately occasionally lead to squabbles and conflicts among the survivors of the deceased.

Contested wills may be harmful to the relationships that you have within your family, and they can also be costly if the decisions that are made regarding your estate are challenged in court.

If you have a will that is well-prepared, it can help you avoid these disagreements and prevent your passing from causing your survivors any further hardship.

  1. Stay away from paying more inheritance tax than is absolutely necessary.

The amount of inheritance tax that will be levied on your estate is determined not only by the size of your estate but also by the beneficiaries you choose in your will.

Anything that is bequeathed to a person who is married to you or your civil partner is immediately free from inheritance tax. When compared to leaving property to other people, including your children and grandchildren as beneficiaries of your estate is likely to result in a lesser inheritance tax liability.

Discover more about inheritance tax, including its criteria, rates, and payers here.

  1. If you’ve been married for a short time, you should draw out a will.

If you get married in England or Wales, your previous marriage will immediately be deemed null and void. This implies that, according to the rules of intestacy, your inheritance might wind up being shared between your new spouse and children from a prior marriage, which could lead to problems in the future.

If you get married in Scotland, however, your previous will is not instantly invalidated. This means that if you pass away, your new spouse may not inherit anything from your estate if you did not include them in your previous will.

Additionally, getting divorced does not nullify your will, which means that even after the divorce, your ex-spouse may still be eligible to receive from your inheritance.

As a result, it is important to examine your will on a frequent basis to ensure that it continues to accurately represent your circumstances, particularly after major life changes like as marriage or divorce.

  1. Determine with whom you would feel most comfortable settling your estate.

You have the ability to appoint an executor, or many executors, inside your will. These individuals will be responsible for following out your last directives.

When you choose your executor in advance, you have the ability to pick the one who is most qualified for the job. In addition to this, it provides the executor with advance notice so that they can get ready.

Have a look at our guide to the probate process if you want to find out more about the duties that come with serving as an executor.

  1. Specify the people you want to take care of your animals.

In the event that you die away, your pets, whether they be dogs, cats, or any other kind, would likely need to be cared for.

Only a few dogs have been known to inherit significant wealth, such as the German Shepherd Gunther IV, who was given a sum in the nine figures after his owner passed away in 1992. However, a more frequent practise is to choose a caretaker for them and set aside some funds to ensure that they have adequate nutrition and medical attention.

  1. Take precautions to safeguard your digital assets.

These days, money in the bank and material possessions aren’t the only things that might be considered assets. Your digital accounts and online purchases, such as music, images, or websites, are also considered part of your belongings; nevertheless, if you do not account for them in your will, they may be lost forever.

Things like email accounts and social media profiles are also a part of your legacy; ask yourself whether you want the material to be safeguarded or deleted, and consider whether or not your executor will need access to any passwords, Direct wills UK.

You may find further information on this topic in our guide on the things you should include in your will, will writing service milton keynes.

  1. Donate to a good cause.

If you are a donor to a charitable organisation, you could consider leaving anything to that organisation in your will.

If you leave more than 10 percent of your assets to a charitable organisation after you pass away, your heirs may be eligible for a reduction in the amount of inheritance tax they are required to pay as a result of your estate.

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Exploring the New Age of Digital Law for Barristers

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Exploring the New Age of Digital Law for Barristers

Legal technology advancements are significantly transforming the way barristers work, creating brand-new opportunities for legal professionals while reshaping traditional practices.

Barrister Emily Windsor shares her insights into how these innovations are influencing the legal landscape, from streamlining case management to enhancing research capabilities.

She also explains why adapting to these technological changes is crucial for modern practitioners who want to remain efficient, competitive, and prepared for the future of legal practice.

Efficiency, Accessibility, and Transformation

Emily Windsor understands the importance of digitisation in democratising legal knowledge and creating a more flexible legal profession.

Reflecting on her role in producing and updating leading agricultural law texts, she acknowledges the impact of moving legal resources online: “Since books have been incorporated into digital platforms, practitioners who would not have dreamt of purchasing a specialist text can now access them at the click of a button,” she notes.

Platforms like the Westlaw online legal database have effectively removed barriers to information, ensuring that specialised legal expertise is widely available to those who need it.

The influence of technology in the legal sphere extends past knowledge dissemination, fundamentally altering advocacy through the accelerated digitalisation of court processes, especially during COVID-19.

Though Emily Windsor is aware of the constraints of remote hearings, particularly in assessing witness demeanor, she also sees the benefits of technological flexibility for lawyers and clients alike.

Furthermore, technology has introduced new possibilities for practitioners to balance professional demands with personal responsibilities. Emily Windsor points out how online access to legal resources and virtual proceedings has made the Bar more accessible, particularly for women and individuals managing family commitments.

The modern barrister must embrace technological tools not only as a matter of convenience but as a means to remain efficient and accessible.

Remote Hearings

The pandemic accelerated the adoption of remote hearings, transforming them from an occasional convenience to a standard practice. Emily Windsor’s observations reinforce how this shift has had lasting effects on the profession. Virtual hearings for procedural matters save time and resources that would otherwise be spent on travel and waiting at court.

This transition to remote proceedings has particular benefits for certain types of legal work. Administrative hearings, case management, and applications without witness testimony can often be handled more efficiently through virtual means. The technology allows barristers to serve more clients in less time, potentially reducing costs for clients while increasing access to legal services.

Work-Life Balance and Diversity

Perhaps one of the most significant impacts of legal technology has been its effect on work-life balance within the profession. Emily Windsor notes that technology has made the Bar more accessible to those with family commitments, particularly women. The ability to access resources remotely and participate in hearings from home or office locations provides flexibility that was previously unavailable.

This technological shift may help address long-standing diversity issues within the legal profession, since by removing some of the rigid structural barriers that have historically made it difficult for certain groups to succeed at the Bar, technology creates pathways for a more diverse and representative legal profession.

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The Evolution of Automotive Tools: Transforming the Mechanic’s Workshop

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The Evolution of Automotive Tools

“Safety should always be the top priority when it comes to driving,” emphasizes Andrew S. Kryder, Esq., a leading Chicago car accident lawyer. Addressing the evolution of automotive tools, he notes that advancements in technology have significantly transformed the mechanic’s workshop, enhancing efficiency and safety for both drivers and technicians. From diagnostic scanners and digital torque wrenches to advanced tire balancing machines, modern tools offer precision and speed unprecedented in the industry. These innovations not only streamline the repair process but also contribute to ensuring that vehicles are in optimal condition, thus promoting safer roadways for everyone.

Advanced Diagnostic Tools

Gone are the days when mechanics had to physically inspect every part of a vehicle to identify issues. With advanced diagnostic tools, technicians can now quickly and accurately diagnose problems, saving time and reducing human error. These tools use computer systems and sensors to scan a vehicle’s performance, detect abnormalities, and provide data for efficient repairs.

Precision Torque Wrenches

Torque wrenches have been crucial in automotive repair for decades, but today’s digital torque wrenches offer enhanced precision and accuracy. These tools allow technicians to calibrate the amount of pressure applied when tightening bolts, ensuring that they are tightened to the exact specifications recommended by manufacturers. This not only improves the quality of repairs but also prevents potential hazards caused by over or under-tightening bolts.

Advanced Tire Balancing Machines

Tires are a critical component of safe driving, and maintaining them in optimal condition is crucial for road safety. With advanced tire balancing machines, technicians can accurately balance tires to ensure even weight distribution and prevent issues like uneven wear or vibrations while driving. This not only promotes a smoother ride but also minimizes the risk of accidents caused by tire failures.

Improved Safety Measures

In addition to advanced tools for repair and maintenance, advancements in technology have also led to improved safety measures in the mechanic’s workshop. For example, some equipment now comes with safety features like automatic shut-off switches to prevent accidents, while others have ergonomic designs to reduce strain on the technician’s body.

That Means …

The evolution of automotive tools has significantly transformed the mechanic’s workshop, improving efficiency and safety for both drivers and technicians. With these advancements, we can expect even more precise and efficient repairs in the future, contributing to safer roads for all.

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Climate Change and Its Economic Consequences – Kavan Choksi

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Kavan Choksi

Climate change poses significant challenges to the global economy, affecting everything from agriculture and infrastructure to labor markets and financial systems. Rising temperatures, unpredictable weather patterns, and natural disasters disrupt supply chains, reduce agricultural yields, and damage infrastructure, leading to increased costs for businesses and governments alike. In many regions, frequent extreme weather events—such as hurricanes, floods, and wildfires—result in significant financial losses. For developing countries, which are often more vulnerable to environmental shifts, the economic toll can be particularly devastating. Here we see the thoughts of people like Kavan Choksi.

Impact on Industries

Certain industries are particularly vulnerable to the economic effects of climate change. Agriculture is one of the most affected sectors, as changing weather patterns and extreme temperatures can lead to lower crop yields and higher production costs. For instance, prolonged droughts or floods can destroy entire harvests, leading to food shortages and price spikes. This can have cascading effects on both local and global markets, as shortages in one part of the world can lead to price hikes and food insecurity in other regions.

The insurance industry is also heavily impacted, as the frequency and severity of natural disasters increase the number of claims. Insurers are often forced to raise premiums, making coverage more expensive for consumers and businesses, or, in extreme cases, to withdraw from high-risk markets altogether. The energy sector, particularly fossil fuel-based industries, faces regulatory and market risks as the world shifts toward renewable energy in an effort to combat climate change.

Financial Markets and Global Investment

Climate change also has significant implications for financial markets. As businesses and governments respond to climate risks, investment patterns are shifting. Companies involved in fossil fuels are facing declining valuations, while those in renewable energy and sustainable technologies are seeing a surge in investment. Global efforts to reduce carbon emissions have led to the development of new financial instruments, such as green bonds, which allow investors to support environmentally friendly projects.

However, the transition to a low-carbon economy comes with economic costs, particularly for countries heavily reliant on fossil fuels. These nations may experience job losses in sectors like coal, oil, and natural gas, leading to economic instability in regions that depend on these industries.

Social and Labor Market Effects

The economic consequences of climate change extend beyond industries and financial markets to the labor force. Rising temperatures and extreme weather can affect worker productivity, especially in sectors that rely on outdoor labor, such as construction, agriculture, and tourism. As temperatures increase, workers may face health risks and fatigue, leading to decreased productivity and higher absenteeism. This can result in lower economic output and increased healthcare costs.

Moreover, as regions experience more frequent natural disasters, migration patterns may shift, with populations moving from areas affected by climate change to safer locations. This mass movement of people, often referred to as climate migration, can put additional strain on urban centers and lead to competition for resources, housing, and jobs.

Global Inequality and Climate Justice

One of the most significant challenges related to climate change is its disproportionate impact on low-income and developing countries. These regions often lack the financial resources and infrastructure to adapt to climate-related challenges, making them more vulnerable to economic disruptions. For example, small island nations are particularly at risk due to rising sea levels, while many African countries face the threat of desertification and declining agricultural productivity.

Climate change also exacerbates global inequality, as wealthier countries can invest in adaptation and mitigation strategies, such as flood defenses or renewable energy infrastructure, while poorer nations struggle to cope with the consequences. This has led to calls for climate justice, where developed nations that have historically contributed the most to global carbon emissions take greater responsibility for addressing the impacts on vulnerable populations.

Government and Corporate Responses

In response to the growing economic risks of climate change, governments and corporations are taking action. Government policies, such as carbon pricing, emissions trading systems, and subsidies for renewable energy, aim to reduce greenhouse gas emissions and promote sustainable practices. These policies are crucial for transitioning to a low-carbon economy and mitigating long-term economic damage.

Corporations, too, are increasingly incorporating climate risks into their business strategies. Many large companies are committing to net-zero emissions targets and investing in sustainable technologies to reduce their carbon footprints. This shift not only helps businesses meet regulatory requirements but also makes them more attractive to environmentally conscious consumers and investors.

Conclusion

The economic consequences of climate change are vast and far-reaching, affecting industries, financial markets, and labor forces across the globe. While some sectors, like renewable energy, stand to benefit from the transition to a low-carbon economy, others will face significant challenges. Developing countries, in particular, are vulnerable to the effects of climate change, highlighting the need for global cooperation and climate justice initiatives. Governments, corporations, and individuals must continue to adapt and innovate to mitigate the economic impacts of climate change and ensure a sustainable future for the global economy.

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