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Understanding Wills and Estate Planning and Its Usefulness

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October25

Understanding Wills and Estate Planning and Its Usefulness

There is only one certain thing about life, and that is death. Everyone must die one day and there are no two ways about it. While you accumulate a lot of wealth while still alive, in the event of your death the assets you have gained through your hard work must be passed on to your inheritors, which could be your family members or children, or others.
Always make a will beforehand so that in the event of your death, there is no controversy or challenge to your legitimate inheritors.

What are wills?

Wills are the legal document that clearly states exactly how your assets are to be divided up among your inheritors. If you do not leave behind a will, the disposal of your property will be left in the hands of state authorities. Without a will, your inheritors may also have to spend more money winding up your affairs. If you do not want your will contested then it is better to have it witnessed which will reduce the chances of the will being contested. But in all circumstances get the will formulated by a team of solicitors to make sure everything in your will is ironclad.

Why should you opt for a will?

There are many valid and cogent reasons why you should get a will. Wills greatly simplify the procedure after your death. Here are some reasons why you should opt for a will:

  • You can specify in a will exactly who gets what. There can be no further disputes among your inheritors once it is spelled out loud and clear.
  • More importantly, you can specify who doesn’t get something. This is the surest way of cutting out people whom you do not want to inherit your property.
  • It leaves out the option of contesting the property. A will makes It definite and no one can contest one that is made by solicitors.
  • You can specify who will take care of your children otherwise the courts will decide this issue.

What do you mean by estate planning?

Estate planning refers to the planning of disposal of assets in the event of incapacitation or death. It includes and encompasses the forming of wills. Estate planning will decide how any individual’s wealth accumulated over his lifetime will be passed on to his legal inheritors. Estate planning involves making a will, setting up a trust fund, appointing executors, and other miscellaneous work.

Why is estate planning useful?

Estate planning is very useful when it comes to protecting the rights of your inheritors. If you have very young children and if God forbid you were to die, who would look after them? Estate planning will help you to specify who should be the one taking care of them if both parents die.

Also, estate planning, if done efficiently, can spare your inheritors a great tax cut. If you plan with a team of solicitors, you can easily let your children inherit your property while saving them the headache of paying a lot of money in taxes.

People have the wrong idea, that estate planning should only be for the super-wealthy. No, this misconception should be cleared. Estate planning is now increasingly being done by the middle class since they also own houses and shares.

No matter the class of life you come from, planning what happens after your death while you are still alive is a matter every citizen should take into consideration. Without adequate planning, your loved ones stand to pay a heavy appointment to get what is theirs by right.