is the process of anticipating and arranging for the disposal of an estate during a person's life. Estate planning typically attempts to eliminate uncertainties over the administration of a probate and maximize the value of the estate by reducing taxes and other expenses. However, the ultimate goal of estate planning is determined by the specific goals of the client and may be as simple or complex as the client's needs dictate.
Guardians are often designated for minor children and beneficiaries in incapacity.
Research suggests that more than two-thirds of people don’t have a Will. Many people believe they are either too young to write a Will or that it’s too expensive or they don’t have enough money or property to make writing a Will worthwhile.
The truth is that dying without a Will can make what is already a difficult time a lot harder for your family. By writing a Will, you leave your loved ones clear instructions on your wishes, from who will receive specific items to the kind of funeral you would like. Wills can also be used for tax planning and to protect your assets for future generations and from being used to pay nursing home fees.
Why You Should Make A Will
There are certain events in our lives that often cause people to start thinking about their future and writing a Will. These include getting married, having a child, separating from your partner or being diagnosed with a serious illness.
What Happens If You Don’t Have A Will
If you die without a Will, your estate will be dealt with under the rules of intestacy. Depending on the value of your estate, this could mean your partner suffers financially and doesn’t receive everything even though they are your next of kin.
There are many good reasons why you should make a Will, including:
You can make sure that your loved ones receive all of the money or property you want them to receive.
You can appoint a guardian to care for your children if they were orphaned.
You can give particular items or keepsakes of sentimental or financial value to named people.
You can donate money to charity.
You can tell your loved ones whether you would like to be buried or cremated (this can be a difficult decision for them to make if they do not know).
You can make sure that your children inherit from you even if your surviving spouse re-marries.
If you are living with someone but are not married, you can make sure they are able to stay in your house if you died and receive whatever inheritance you want them to have.
For more information on managing your personal finances, contact International Advisor for a free consultation today.
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