A popular misconception is that if you have drawn up a Last Will and Testament that is all that you need to consider regarding your passing, but take it from us, Estate planning is not just about the Will.
In this article, we take a look at a few of the other interesting aspects of Estate planning, and we hope you find it useful…
What will you be leaving your Godparent’s with?
A peculiar thing is that most couples appoint Godparents for their children just in case they die simultaneously, and yet many don’t draw up a legally binding will – or appoint a professional Executor!
A couple that dies without leaving a Will in the hands of an appointed Executor is effectively leaving their children’s inheritance in the hands of the Government Guardian’s fund, a less than desirable situation as it has been subject to corruption and is poorly administered.
Make sure that your Will complies with the strict legal formalities prescribed by the Wills Act and your children’s inheritance is protected. This is something we can help you with so feel free to talk to us about it.
Trusts
A vital part of Estate Planning is the drawing up and administering of a Trust. A Trust can own your assets during your lifetime or at your death and can be controlled in accordance with your wishes which are outlined in the legal document that creates it. An example would be for you to decide how you wanted your child to benefit from your assets throughout their lifetime.
There are a number of different trusts and different parameters to every individual requirement, so again it is best to use professional Notaries to set up and administer them.
Living wills for healthcare and finance
Wills aren’t just about what happens after death but can, in the case of individuals becoming incapacitated within their lifetime, also be required to ensure your will is carried out in such an event.
A living will, defines your wishes regarding medical care if you are incapacitated within your lifetime with illness. This includes decisions about life support or any kind of life-sustaining medical intervention and it is best included at the time of drawing up your Will.
Also it is good to consider a Financial Power of Attorney. Like a living will, the FPOA also defines your wishes regarding decisions to be made if you are incapacitated during your lifetime, but in financial matters.
Marriage contracts
Something which is also not known by many people is that a marriage contract can in fact be a part of Estate Planning. Just one example would be entering into a marriage without drawing up an Ante-Nuptial contract, meaning that all combined assets would automatically go into a joint Community of property estate. This is not always desirable, not only in the case of divorce but also in the case of your death if you have specific beneficiaries to your Estate other than your spouse.
Consult the professionals
As accredited Notaries, Glenn Rooseboom Inc. is qualified to handle every aspect of Estate planning, Company and Trust preparation and registration, Estate administration and Marriage contracts. Don’t leave these vitally important legal matters unattended or in the wrong hands. Stay safe – and stay protected under the law!
