Why is it important to have a will in place? The holidays are coming up and you are likely to be on the road and at risk. Getting your last will and Testament in order is very important and will leave your family and friends to grieve without worrying about hetting your estate in order. A valid and well constructed Will can save a fortune in Estate duty as well as and possibly more importantly, give your beneficiaries access to your estate sooner. Do Not Die Intestate!
- Save time and money: Beneficiaries will have access to your funds upon death. Instead of the state distributing your assets and debts you can specify who gets what. Drawing a will saves you money as well. Without a will your estate is handed to over to the state to divide, this takes time. The expenses to divide the estate will be taken out of your estate. If you draw up your own will you save tax and costs to administrators.
- Peace of mind: To establish what your estate is worth you need to calculate exactly how much money you have in stocks, bonds, retirement annuities, savings accounts and medical insurance policies. Seek professional advice from a financial advisor before you draw up a will. You need to know the exact value of your estate and then distribute your assets to the intended beneficiaries.
- Responsibility: You should only have one will. It must be clear that any previous wills are revoked. You can include where you would like to be buried; you can set funeral costs aside to cover your funeral. Debt and taxes should be settled before assets are distributed to beneficiaries. Appoint an executor to divide the assets amongst beneficiaries. You can protect your children from unforeseen financial problems. Ensure that they receive a good education. Estate planning is imperative to secure your children’s future.
- Less stress and uncertainty: Family members will have less stress and they will be certain that a will is in place to avoid confusion. Dealing with death is challenging and by mentioning exactly what you desire upon death minimizes anxiety amongst loved ones. Prior funeral arrangements and covering funeral costs eliminate financial stress.
- Allocating items as desired: Once you have calculated the exact worth of your estate, you can take your time to allocate them accordingly. It is important to revise your will should anything change for example if you have taken out another home loan or retirement fund.
Have a will in place for your family members to enjoy their lives upon your death. It is a responsible way to demonstrate your love and care for your family. A holographic will is handwritten, you can list the distribution of assets without lawyers or witnesses present. It is imperative that a holographic will is written and not typed. Fraud is common so ensure that your family members know that you have drawn up a will.