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 must thus thoroughly look into the composition of your property and assets generally to get the beneficiaries of yours a maximum of benefits out of the estate you will be leaving behind.
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. In the event of claims for dividend imputation credits, one will also need to provide testamentary trusts for the effecting of such 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. As for these periods, there will be need for the enduring power of attorney, enduring guardianship, living will and or advance directive in health. All these are legal instruments which will be of great help in planning one’s affairs in cases of long sickness and mental incapacity. 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.
It is therefore important for one to consider receiving as much advise as possible in relation to their estate and property for them to get the best possible advice and secure their property even when they may not be around to offer a physical check over the use and enjoyment of such property.