The simple answer is – EVERYONE should make a will and plan their estate.
The word “estate” can sound very daunting to people but it really is just ensuring you have the say over your financial matters when you die.
So why doesn’t everyone have a will and plan their estate?
This task is often avoided because many people are uncomfortable thinking about and discussing their death.
So let’s start the discussion.
Making a will is beneficial for many reasons. It ensures your family is provided for in the way that YOU want them to be and YOUR wishes are followed. It ensures there is no waiting or “hold” on your financial resources at a time when your loved ones are in need of those resources. And in some cases, it can ensure there is less tension and dispute among your loved ones.
Which brings us to the discussion of planning your estate.
Although many of us avoid the unpleasant task of detailing what we would like after we die, without those details disputes can occur. Arguments over the distribution of assets, a person’s capacity when they died, if others had an influence over their decisions, can all lead to arguments and court litigation. Having a will and planning your estate with a lawyer who has knowledge to help you can reduce the possibility of confusion and tension.
Here are some things to consider:
- Do you have life insurance and are the beneficiaries indicated clearly?
- How would you like to distribute your assets? What percentage should be given and to whom?
- Do you have any specific instructions you would like to include?
- How would you like to care for your spouse, children and grandchildren?