LAST WILL AND TESTAMENT:
One of the most important decisions you’ll ever make
Author:
Ivon T Hughes
When you make a Last Will and Testament, you alone decide what happens to your Estate when you die, nobody else. It is the only legally recognized document that ensures that your wishes, about who gets what, are carried out the way you planned.
Your Last Will and Testament is the reflection of what you have managed to achieve and the importance you place on the close relationships you have built up.
What happens if you die without a Last Will and Testament?
It leaves your immediate family at a loss as to what to do. Firstly, provincial or state law will decide how your Estate is divided among your family, regardless of what you intended.
Dying intestate guarantees acrimony among your loved ones and resentment as you did not make a Last Will and Testament clarifying your wishes. It causes higher taxes and unnecessary costs.
Everybody loses except the government!
Why does making a Last Will and Testament ensure peace of mind?
- You choose your executor to distribute your assets according to your exact wishes.
- You ensure that your children and dependents will be well cared for.
- You save your family additional grief caused by the distribution of your estate by a court.
- You save your family the unnecessary legal and court costs involved in having a court nominate an executor or administrator.
- You appoint a trustee that you know and trust to manage the distribution of your Estate in a manner that reflects your personal circumstances.
- You benefit the individuals and institutions that are important to you.
- You get to appoint an interim guardian and custodian for your minor children.
- You establish trust funds for minors or other dependants; and
- You reduce taxes and legal costs payable to your estate.
That is WHY one of the most important decisions you’ll ever take is to make a Last Will and Testament.
