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. A case for example is when a property owner and estate owner falling to the fateful eventuality of death and in the circuimstances they happened not to have had a will declaring the manner of transferring the estate rights to their beneficiaries getting them rendered with no rights to claim a inch of the concerned assets and items of 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. If you did not receive the necessary professional advice for the creation of a proper estate plan from the right professional you will essentially get exposing your family to such taxations which are all but unnecessary and would have been avoided if a proper estate plan was availed. In the event of claims for dividend imputation credits, one will also need to provide testamentary trusts for the effecting 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. As for these periods, there will be need for the enduring power of attorney, enduring guardianship, living will and or advance directive in health. 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 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.