Estate Planning & Wills: 25 Common problems and what your attorney should be considering.
Most people are aware of the importance of having a will in place, but drawing up a will is not a tick box affair as there are a multitude of factors and options which must be taken into account. Once you have a will in place it is also vital to have your will reviewed as your personal circumstances change and as tax laws change.
It is also important that the person who drafts your will and winds up your estate is knowledgeable in the requisite areas of estate planning, succession law and tax law. There could be a number of things wrong with the will you have in place and the effect of some of the bequests and directions set out in your present will may not be quite what you had in mind. Here are 25 possible problems with your present will:
These are just a few things that could be wrong with your present will or which you may not have taken into account when setting up your will. There are a myriad of other ways that you could unintentionally leave your heirs with a very different reality than you might have anticipated after your passing.
Some of the items listed herein are extremely complex and the average person would not think of them or even understand their consequences. This is why it is important that you obtain advice from an expert when drawing up your will.
Your will is also but one aspect of your estate planning which could involve e.g. donations, trusts, changing investments, which if correctly done could save your family substantial amounts of money in income tax, capital gains tax and estate duty.
One of the best presents you could ever give your family is a properly planned estate and will and relatively speaking the cost thereof is minimal, but many people and their children go through life without ever realising how much they could save if their estate and wills had been planned properly.
This article is a general and should not be used or relied on as legal or other professional advice. We suggest that you always contact an attorney for specific and detailed advice regarding your transaction as it could involve circumstances which are not considered here.
Complete the Online Will Form at www.pagdens.co.za/wills/ or contact 0415027200 to set up a consultation with us.