When browsing the internet or reading the newspaper, it is disturbingly easy to find spine chilling stories (of real life events), that illustrate the importance of having a professionally drafted will. This regardless of a person’s age or how much money you have.
As a legal practitioner, I have heard on too many occasions, that people falsely believe that because they are either young or do not have much (in terms of worldly possessions), they believe they do not need to have a will or do not have a will.
This when the benefits of sensible estate planning and updating include:
- Drafting a will and applying the appropriate estate planning strategies ensures the plans you worked so hard to put into place become a reality. Otherwise, your life’s work could be needlessly devalued.
- A will gives your loved ones clarity and transparency, speeds up the administration process and avoids conflicts and disagreements.
- Your will protects your heirs from paying excess tax on your deceased estate, or having to sell your assets because of cash shortfalls or insolvency.
- Your will looks after your loved ones in financially savvy and cost effective ways. It guarantees that your nominated heirs receive their full inheritance.
- A will ensures your wishes regarding matters such as pets, organ donation, bequests to charity and burial versus cremation are carried out precisely as you wish.
- Through your will, you can appoint the most suitable people as executor(s), trustee(s) and guardian(s).
So, for wills and trusts 101 click on the below link.
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