Making a Will is one of the most important documents you will create in a lifetime. A Will enables you to choose how your assets will be divided on your death. As a result you can provide accurately for your loved ones. If you die without a Will, the Succession Act will dictates what happens your estate and where your assets go. More often than not, this is not what someone would wish to happen.
In addition another benefit of making a Will is that it allows you to arrange for the administration of your estate in a tax efficient manner. The taxation system can be quite complicated and poor estate planning can lead to increased taxes being payable by beneficiaries when your estate is being administered.
Wills are particularly important if you have children less than 18 years of age. A properly drafted Will enables you appoint Trustees who will hold your assets on behalf of those children until they reach an appropriate age [possibly 23 or 25]. Likewise, if any of your beneficiaries are incapacitated and unable to manage an inheritance, properly appointed Trustees can hold the asset for the beneficiaries benefit.
Always remember that a Will only takes effect when you pass away and you are free to amend or change your Will as many times as you like during your lifetime. By making a Will you are in charge and you decide what is to happen your estate upon your death and with proper estate planning you can minimise any potential tax implications upon your beneficiaries.
It is important you consult with a Solicitor to ensure the Will is drafted accurately and in accordance with established legislation in this country. The consultation should not take too long and it is time well spent!
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