Many people just don’t want to think of death and what they need to prepare for after they die, believing that if they are not ill they have time. Well, if the untimely and unexpected deaths that the COVID -19 pandemic has been responsible for have taught us anything, it is that life is fragile and can be taken from us at any moment.
Good Estate planning is something that needs to be done as soon as you start to earn and have beneficiaries, and revisited from time to time as your circumstances change. Simply put, if you really care about the legacy you leave your loved ones and wish to ensure they receive the full benefit of what you have accrued in your lifetime, then the Will is the way to protect your family and interests.
Use a Professional to ensure your legacy
Just one aspect of professional Estate planning is the drawing up of a Last Will and Testament. Commonly known as a Will, this determines who should inherit your worldly goods upon your death. It is a vital document and the consequences of not having a legal will are potentially damaging to your loved ones on your departure.
For those who think they can simply draw up their last wishes on a piece of paper and appoint a responsible family member as the Executor, I really would advise against this. There are just too many legal intricacies around the wrapping up of an estate and an inexperienced Executor could find themselves embroiled in a quagmire of red tape that holds up the payment of your legacy for months or even indefinitely.
Use the experts – and revisit it regularly
Estate administration is defined as “the process of dividing and distributing that person’s property and assets to heirs and beneficiaries according to the laws of the state and the directions in the deceased’s Will.’’ It can be complex, so remember we are happy to assume this role on your behalf – you can safely leave it in our capable hands.
Also, remember that even once you have had a will drawn up by experts your circumstances can change at any time. A financial windfall, a new marriage or divorce, new children etc. Every aspect of the finances that need to be handled and administered after your death should be covered within the Last Will and Testament, so it stands to reason it needs to be revisited and updated from time to time.
I can guide you with this, and remember we partner with our clients for life, so we’ll be there for all legal matters as your life evolves. As accredited Notaries Glenn Rooseboom Inc. are 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.
As you can see, the will this is just one aspect of Estate planning, so watch this space for more in future articles! In the meantime – stay safe – and stay protected under the law!
