>If you care about the persons in your life, there are many things you will do during the course of your life to better their lives. As a person who provides, love, friendship, income, savings, housing, food, clothing and emotional and material assistance, your friends and family may rely upon you more than you think.
What you do and how you handle your will reflects the care and planning that you have always provided. Unfortunately, the failure to provide a will can lead to confusion, internal disputes, serious tax repercussions and destruction of the very relationships you have strived to build and protect.
These occurrences take place when a will is not in place and decisions about your assets are left to the discretion of the judicial system. The court system rarely sees life or your life’s work the way you do. The judicial system of disbursement is based on law, not on need, personal preferences and sentimentality.
Individuals, who do not have a will, actually add to the emotional and financial stress that will follow their demise. It is sad. Regardless of the sise of your estate, regardless of your age or time of your life, it is time to create your will. You and your family and friends will be protected. The steps you take today will assure that your wishes are followed and that your estate is protected against unnecessary administrative fees and a drawn out expensive settlement.
Doubtless, the composition of your estate will change over time. That is only natural. In fact, your personal circumstances and your personal relationships may also change. That is part of life. The good news is that your will can be changed to reflect these changing life patterns. But, you have to start somewhere.
Certainly, nobody plans on dying. Most people don’t like to think or contemplate their death. However, we all spend time planning for the future. And, every good plan allows for the unexpected. Don’t leave your family and loved ones in a quandary. Draw a legal will today and update the contents regularly. Your family may not want to think about your death, but if something were to happen, there will be no disputes, no prolonged court appearances and no unexpected tax liabilities.
When a person dies without a will, the court has the full authority to make all decisions regarding the estate. Some property may pass directly to your spouse or other persons as detailed in trusts, but the majority of the assets in your estate will be managed by the court. This can be a contentious process and one that is easy to avoid.
The court will not take into account the most advantageous tax circumstances and will charge expensive administrative fees that are the obligation of the estate.
Your will is your chance to set the record straight. A minor amount of planning can maximise the value of the estate and decrease the tax liabilities. Your loved ones will be protected in precisely the manner you intend. You are never too young or too old to protect the ones you love. Create a will today so your loved ones can live tomorrow