The Importance Of Having A Will For Your Estate Planning Needs
The need to have your estate planned are often for so many 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 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.
Estate planning gains much relevance when you look at it from the demands of taxation laws. In several circles and operations of the law, there will be serious implications in capital gains and taxes on income when you do not have a plan for your estate. Where you failed to obtain proper professional advice on the planning of your estate will end up exposing your family to unnecessary taxes which would be avoided if a proper estate plan was availed. 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.
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. 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. 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.
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.
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.