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. 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. As such it is advisable for one to consider the structure of their estate so as to be sure that this will get the beneficiaries they have the most of benefits.
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. For this reason, the periods will need the enduring power of an attorney, enduring guardianship or living will and advance health directive. 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.
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.