To Will Or Not To Will?-Why Wills Are Necessary Documents To Your Property And Assets Management
You will find the need for estate planning necessary for a number of 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. 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.
The laws on taxation will be the first reasons calling on you to have a good plan for your estate. 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. 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.
You will also find this as another commonly overlooked part of the estate planning procedure when one is facing imminent death and such periods are often occasioned with a lot of incapacitations by the subjects. 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. 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. 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 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.