By Guest Blogger, Mandip Bains
From an early age or time, we tend to plan as much as we can for our wedding day, our careers, how many kids we would want and where we would want to go on vacation. Why is it that we tend to plan for all of these important life events, but we don’t do the same for our Estate planning? Why is it when Estate Planning is mentioned we tend to brush it off thinking we can plan for it later, especially when later is never guaranteed?
Estate Planning is one of the most fundamental planning you can make in life to ensure your loved ones are cared for should something happen to you. An essential element to estate planning is a well drafted will.
Do I Need a Lawyer?
Each will should be drafted in accordance to your personal circumstances and family dynamics. There is no one size cap that fits all when it comes to estate planning. We are all different. You may have young children for whom you wish to appoint a guardian or you may have other dependents you wish to care for. You may want to exclude someone from your estate. In all situations you need a will drafted in a clear, sufficient and unambiguous language to minimize the likelihood of a legal issue later. A lawyer can help you do this.
By having a will, you exercise your right conferred by law to:
- Express your post death objectives;
- to provide for your family’s welfare;
- distribute your assets how you think best; and
- take advantage of the tax-saving or deferral options available.
A will provides you with an opportunity to express your intentions and a lawyer can draft the requisite clauses appropriately in your will to reflect your intentions.
There are many cases that have come before the courts highlighting the need for expertise when it comes to drafting a will. Poorly planned wills can cause litigation, expenses, family feuds and undue stress and hardship while your loved ones are grieving.
Estate planning is the best form of planning you can do in life. Make sure you have the right experts involved in the process!