Life is what happens to you while you're busy making other plans.
As life unfolds and you celebrate its joys, navigate challenges, and adapt to new realities one crucial document often gets overlooked: Your Last Will and Testament.
Let’s delve into the important principles highlighted by your possible life scenarios:
1. Intestate:
- Your unfortunate demise without a properly signed will illustrates the importance of estate planning. When we pass away, our assets need clear instructions on how to be distributed.
- Without a valid will, the laws of intestacy come into play. These laws determine how assets are distributed among heirs based on legal guidelines. It’s crucial to create a will to avoid intestacy and ensure your wishes are followed.
- The implication of having an invalid Will causes uncertainty and can become time consuming and costly.
2. Importance of a Review:
- As life circumstances change (marriage, divorce, births, adoption etc.), your will should reflect these changes. Failing to update it can lead to unintended beneficiaries or exclusion of loved ones.
Examples which highlight the need for regularly reviewing and updating your will:
- After a divorce, you have three months to update your will; failing to do so could inadvertently benefit your ex-spouse;
- After marriage, your legal status changes. Your spouse becomes a significant part of your life, and it’s essential to reflect this change in your will. If you’re married without an antenuptial contract, you’re automatically in community of property. Updating your will clarifies how assets and debts are handled;
- After birth/adoptions you can appoint a fit and proper person to acquire guardianship rights over your children in your Will.
3. Having a Deficient Will:
- A deficient Will may leave out crucial assets or fail to address specific wishes. To avoid an abrupt legacy, ensure your will covers all assets, debts, and intentions.
Possible Consequence:
- Your unmentioned assets and businesses, reduced to cash, demonstrate the pitfalls of an incomplete will. If you acquire new property or assets, update your Will, and ensure continuity.
Avoid the unpredictability of life and allow Activ8 to effectively plan. We will draft and review your will free of charge.
Our qualified Fiduciary Team are able to assist you with all your estate planning needs. Estate planning is a crucial step to ensure your assets are distributed according to your wishes when you’re no longer around. Let’s explore some of the tools we offer:
1. Estate Plans:
- These comprehensive plans outline how your assets will be managed, transferred, and distributed after your passing.
- We consider legal, financial, and personal aspects, ensuring a smooth transition for your beneficiaries.
2. Estate Duty Calculations:
- Estate duty is levied on the value of an estate upon death.
- Our tools help calculate the potential estate duty liability, allowing you to plan accordingly.
3. Accrual Calculations:
- Our tools assist in calculating the accrual, ensuring fair distribution based on contributions during the marriage.
4. Living Liquidation and Distribution Account
- This account provides a detailed breakdown of your assets, liabilities, and how it will be distributed.
- It helps your loved ones understand your financial situation and facilitates the execution of your wishes.