Why is having a Will important?
Estate planning is something that everyone needs to prepare for in order to ensure that when the time comes, assets and possessions acquired over years of hard work will be divided according to their wishes.
Even if your plans for estate distribution are simple or you do not have many assets, having a Will makes it easier for loved ones who are left behind to resolve the estate.
Benefits of preparing a Will can include:
- Savings on taxes
- Control over distribution of assets
- Reducing time and costs involved in administration
- Peace of mind and simplifying the process for your loved ones
- Limiting any conflict between family members
- Specific provisions for Disabled or Minor Beneficiaries
- Appointing guardians for Minors
- Providing access to digital assets
When should I prepare a Will?
Significant changes in your life may signal that it is time to prepare a Will.
- Getting married or having kids
- Starting a business
- Buying real property or if you have significant changes in your assets
- Someone you care for develops special needs
- A health concern arises
- Before travelling
Ultimately, you do not need to wait for a big life event to occur before planning for the future. Life can be unpredictable, and preparing a Will is one way to make sure your interests are protected, and that your wishes will be carried out after you pass on.
Please contact us if you would like to know more about preparing a Will – it would be our pleasure to answer your questions.