We’ve heard multiple times about how people don’t have Wills because they have no assets to pass down to their heirs or other loved ones. People often think estate planning is for the wealthy.
The significance of a Last Will and Testament should not be lost on anyone trying to ensure that all of their stuff (assets and estate) are properly managed and given to the right people when they die. A Will however, is not something many of people want to think about doing and are put off by the time and costs incurred getting it done. Chances are, many people may also be put off from doing a Will for the sole reason they believe that their assets and estate are minimal and aren’t worth the time and effort it takes to create a Last Will and Testament.
In the absence of clear directions via a Last Will and Testament, the legal system in your area may determine how assets are divided. This could lead to disputes when the deceased has passed away. A comprehensive estate plan, including a Last Will, can streamline the probate process, minimize delays, and provide guidance to loved ones during an already challenging time. Essentially, what you do leave behind for your ones in terms of actual money, most of it is kept by your loved ones/heirs, if you manage to minimize the amount of estate taxes your estate has to pay, the bulk of your estate goes to your loved ones. Executorship – without an Executor listed in your Last Will and Testament, the courts may appoint someone (someone who you either don’t know or like) may be appointed to look after your assets and your estate. Estate planning allows individuals to take advantage of available tax exemptions and strategies, potentially reducing estate tax liabilities and maximizing the transfer of wealth to beneficiaries. The lessons above as to why not just the wealthy should have Wills.
The following article further delves into why you should plan for your estate: