Benefits

ESTATE PLANNING: WILLS

There is no better time than the present to create and implement an estate plan. Having an estate plan means that you have a plan to protect your property and to effectively dispose of it upon your death.

You do not want the law to decide who should get your property in the event of your death but that is exactly what would happen if you do not have an estate plan and, in particular, if you die without a Will (dying “intestate”).

Before dealing with Wills, it is important to note that you can dispose of your property in a number of ways. The method you choose will depend on your personal needs and wishes. For example, in some instances a trust may be preferable to a will if you need to transfer your assets while you are alive and want to avoid probate. You can also consider transferring assets into the joint names of yourself and trusted person. Such joint ownership would have the effect of automatically vesting the property solely in the name of the surviving joint owner upon your death. This is an inexpensive tool and is well suited to spousal situations where the survivor is intended to end up with whole of the property.

However, the most commonly used estate planning tool is the Will. This, as is well known, is a legally binding document in which you set out who is to get what upon your death. Unless you put all of your property into a trust or a joint ownership structure while you are alive, the one absolutely essential thing you want to have in your estate planning tool box is a Will.

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