The Essentials of Services – 101
You will find the need for estate planning necessary for a number of reasons. A case for example is when a property owner and estate owner falling to the fateful eventuality of death and in the circuimstances they happened not to have had a will declaring the manner of transferring the estate rights to their beneficiaries getting them rendered with no rights to claim a inch of the concerned assets and items of property. These items of property and assets will pass to the government coffers in a process called in the legal world known as, “escheating”, to the said agency. You are therefore well advised to look carefully at the structure of the estate you have to ensure that this creates maximum benefits to your beneficiaries.
Estate planning gains much relevance when you look at it from the demands of taxation laws. When your estate is not correctly planned, there will be punitive taxes on both capital gains and income on the beneficiaries to such assets in several jurisdictions the world over. If you did not receive the necessary professional advice for the creation of a proper estate plan from the right professional you will essentially get exposing your family to such taxations which are all but unnecessary and would have been avoided if a proper estate plan was availed. In the event of claims for dividend imputation credits, one will also need to provide testamentary trusts for the effecting of such claims.
You will also find this as another commonly overlooked part of the estate planning procedure when one is facing imminent death and such periods are often occasioned with a lot of incapacitations by the subjects. As for these periods, there will be need for the enduring power of attorney, enduring guardianship, living will and or advance directive in health. These are basically legal instruments which will serve the purpose of arranging the affairs in relation to their estate where there was prolonged season of ill-health. One can surely rest out of the cares knowing that their expressed desires and wishes for the family are indeed honored and followed even when they are not around.
The other factor necessitating the need for estate planning is the fact that we are today in a highly globalised world where one can own assets and property even in some foreign jurisdictions.
For this reason it is very necessary for one to seek advice and opinion from the qualified experts on estate management and wills to enable them ensure that their estate is being put to a use that truly reflects their interests and opinions and have their dignity respected even in the unfortunate event of death.