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. Such property will in such cases where there is no clear indication of how the assets are to be transferred to the beneficiaries through a will, will automatically be transferred to the government. 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. 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.
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. As for these periods, there will be need for the enduring power of attorney, enduring guardianship, living will and or advance directive in health. The mentioned are legal documents which will stay in operation for the sake of planning for the estate and overall affairs of one when they are generally standing in long sickness periods and mental incapacitation. 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.