A last will and testament is the most important parting gift that you can leave your loved ones when you die. The absence of one could cost your family and friends much un-needed stress after you pass away. It is very important to have a valid will in place for efficient estate and financial planning, beyond the scope of your lifetime. At Emryn Wealth, we offer you the assistance you need to make the best decisions for your family in this regard.
Your estate is everything that you own and owe, whether it is money, property, tangible assets or policies. This vital document stipulates how you want your goods dealt with upon your death. If a will is not drawn up, the laws of intestate succession are applied to your estate, meaning that the law shall designate beneficiaries according to its specific formulas and criteria. Usually your closest blood relatives will be made beneficiaries of your estate, which may not have been your intended purpose for certain assets.
Good estate planning will make sure that your estate is set up in a tax-efficient way, to both benefit you right now, and your family, once you have passed on. No estate is too small. If you own anything of value, and have loved ones that should benefit from it, you qualify.
Important things to know:
An Executor must be appointed to manage your will. It will be their responsibility to administer your estate in accordance with your wishes, and in line with the terms of the Act. A second executor choice should also be stipulated, in the case where the initial executor is not able to fulfillfulfil their duties. Your family must be advised as to who the executor of your will is.
It is advised that you get a professional to draft your Last Will and Testament, as mistakes in the document cannot be rectified when you are gone.
An unclear will could end up being a huge burden for your family and friends. In many cases a badly penned will is as worthless as having no will at all.
If a will is not concise, it may lead to certain parties contesting or challenging the contents therein. Litigation of this type will once again prove to be hugely unsettling to your intended beneficiaries.
Your will should be reviewed periodically, especially in the case where your status has changed significantly since your last will was documented, or where you have added beneficiaries that were not present in the past, like a spouse or new dependents.
Trusts must be set up to administer assets for minors (under 18yrs), handicapped beneficiaries, or to provide maintenance to property.
At Emryn Wealth, we are dedicated to service excellence, and have trained professionals who are ready to assist you in securing your family’s future. Do not make end of life preparations any more unsettling then they already are. Put your family’s future in our capable hands.