To Will Or Not To Will?-Why Wills Are Necessary Documents To Your Property And Assets Management
The need to have your estate planned are often for so many reasons. 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 must thus thoroughly look into the composition of your property and assets generally to get the beneficiaries of yours a maximum of benefits out of the estate you will be leaving behind.
Estate planning gains much relevance when you look at it from the demands of taxation laws. In several jurisdictions across the world, there will be serious impacts on the transfer of property if there are no clear guidelines on the manner of transfer of property and such will often attract capital taxes and income taxes in the end to the beneficiaries. If you did not receive the necessary professional advice for the creation of a proper estate plan from the right professional you will essentially get exposing your family to such taxations which are all but unnecessary and would have been avoided if a proper estate plan was availed. The claims for issues like those of dividend credits will as well demand on the beneficiaries to avail testamentary evidence to prove their entitlement to these estate claims.
The other often overlooked part of the estate planning procedure is the period preceding one’s death which will in most cases be occasioned by incapacity. 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. This will guarantee one the peace of mind that comes with a knowledge that their wishes are followed even as they face the end of their time down here.
The fact that one can today own property in other jurisdictions of the world all due to the global nature of our world all call for the need to have a good estate plan to have your interests in such assets well taken care of.
For this reason it is very necessary for one to seek advice and opinion from the qualified experts on estate management and wills to enable them ensure that their estate is being put to a use that truly reflects their interests and opinions and have their dignity respected even in the unfortunate event of death.