The Importance Of Having A Will For Your Estate Planning Needs
The factors making it relevant to have a plan for your estate are quite a number. An example is where you as a property happen to pass on without a valid will and thereby rendering your beneficiaries no rights to your estate and property. These items of property and assets will pass to the government coffers in a process called in the legal world known as, “escheating”, to the said agency. 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.
Estate planning gains much relevance when you look at it from the demands of taxation laws. 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. Failure to have a proper estate plan will leave your loved ones for whom the property is supposed to transfer to without much hassle all exposed to huge taxations simply due to the lack of the relevant documentation which would be availed at the service of a professional advisor. 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. As for these periods, there will be need for the enduring power of attorney, enduring guardianship, living will and or advance directive in health. All these are legal instruments which will be of great help in planning one’s affairs in cases of long sickness and mental incapacity. These will be good sources of assurance to the concerned that their wishes were lived up to even as they near their end of life.
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.