Making The Beneficiaries Jump Through Hoops – Options To Purchase
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Want to make a start on your will?
Making a Will is not about wealth it is about making sure that what you want to happen to your estate does happen. It gives you the opportunity to specify such things as who will administer your estate, who will care for your children and who will receive specific items of your property.
You may feel that you want to give a relative the chance to buy your house or your car or other asset.
It is usual to express this in the will by giving an option to purchase. This may be coupled with a direction that the buyer gets a reduction from the full market value.
Whether you offer a discount or not, you must obviously impose a time-limit on the person to whom the option is given.
If you don’t, your executors will not be able to proceed with the administration of your estate with any certainty as to what is to happen.
It is usual to impose a period of something like three to six months from the date of your death.
Want to see more – Making The Beneficiaries Jump Through Hoops – Examples or Leaving People Out
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