The Importance Of Having A Will For Your Estate Planning Needs
You will find the need for estate planning necessary for a number of reasons. 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.
Taxation issues and laws on taxation will prove it quite important for you to have a good plan for your assets and estate issues at large. 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. There are some rather complex considerations like where one wants to lay claim for dividend imputation credits and these will call on the concerned to avail testamentary trusts for evidence to the credibility of such 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. 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. 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. 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.
It is today a common phenomenon to find one owning property in some other separate jurisdictions of foreign nature and this is another reason making it important for one to reach out and get a good estate management plan.
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.