Published Jan 28, 2021
Will planning is arguably one of the most important things you can do for yourself and your family. Absence of a will can lead to transmission loss of your wealth, chaos and confusion for your family while a well drafted will can lead to the following benefits:
1. Distribution as per your wishes
It can legally protect the interest of your family in your estate.
2. Make life of your loved ones easier
Avoid delay and lengthy processes to ensure seamless transmission of your wealth to your loved ones.
3. Provide for financial needs of your loved ones
Through your will, you can provide for members who are financially dependent on you.
4. Ensure your children are cared for
If your children are minors, you can decide who will raise and take care of them as guardians.
5. Appoint your Executor(s)
You can decide who will wind up the affairs of your estate and carry out the wishes as stated in your will.
6. Mitigate legal challenges
A well planned will has the potential to avoid costly and lengthy legal battles.
7. Avoid transmission loss
Will Planning ensures that there is no loss of wealth during transmission to your loved ones, especially due to lack of knowledge.
8. Take care of your pets
A will lets you plan as to who should take care of your pets.
9. Provision for charity
You can make bequests to charitable causes that you believe in.
10. Contingency planning
Make provision if the primary beneficiaries are absent, then who should inherit your wealth.
When drafting your will make sure you just don’t limit it to an exercise of putting pen to paper but adopt a holistic approach to will-planning to ensure your wishes see the light of the day.