To Will Or Not To Will?-Why Wills Are Necessary Documents To Your Property And Assets Management
The factors making it relevant to have a plan for your estate are quite a number. Think of a probable case where you get passing on without leaving behind a will to get your beneficiaries valid titles to your assets and other items of your estate behind you. When such happens, then the standard procedure will see the estate of the deceased passing on to the government, considering the unavailability of a will to help in the transfer of the property to the would be beneficiaries. You are therefore well advised to look carefully at the structure of the estate you have to ensure that this creates maximum benefits to your beneficiaries.
The laws on taxation will be the first reasons calling on you to have a good plan for your estate. When your estate is not correctly planned, there will be punitive taxes on both capital gains and income on the beneficiaries to such assets in several jurisdictions the world over. Where you failed to obtain proper professional advice on the planning of your estate will end up exposing your family to unnecessary taxes which would be avoided if a proper estate plan was availed. There are some rather complex considerations like where one wants to lay claim for dividend imputation credits and these will call on the concerned to avail testamentary trusts for evidence to the credibility of such claims.
Periods often close to one’s last days are some of the parts which one will often overlook n their estate planning procedures, times when one is usually generally suffering from a lot of incapacitations. These seasons of one’s life will always require the enduring power of attorney, enduring power of guardianship, living will or the advance health directives. These are basically legal instruments which will serve the purpose of arranging the affairs in relation to their estate where there was prolonged season of ill-health. One can surely rest out of the cares knowing that their expressed desires and wishes for the family are indeed honored and followed even when they are not around.
The other factor necessitating the need for estate planning is the fact that we are today in a highly globalised world where one can own assets and property even in some foreign jurisdictions.
Given these reasons, it will be advisable for one to obtain advise from a professional who is qualified in the area of wills and estate management to get them the necessary advice for the planning and management of their property and estates.