Proper estate planning entails much more than the mere drafting of a Last Will and Testament.
Executors, more often than not, encounter estates, where the deceased simply did not provide for an array of factors that negatively impacts the successful finalization of an estate, for instance, unforeseen levies, taxes, expenses, cash shortfalls, or even not taking cognizance of the correct marital regime.
In most of these instances, estates are subjected to exorbitant taxes or even expensive and protracted litigation, necessitating the executors to sell family homes in order to comply with the estate’s financial obligations. Dependants are more often than not, left without maintenance or the means to fend for themselves.
These situations are, without exception, caused by a lack of proper understanding of the administration of deceased estates and the effect of estate duty (Taxes) and other expenses on such estates.
Can you just get a free will/testament?
Proper advice and guidance in the estate planning process and subsequent drafting of a will is therefore imperative. A free will is simply a case of the proverbial “penny wise and pound foolish”.
Proper estate planning requires the analysis of the client’s assets, liabilities, policies, expenses, and the assessment of the impact of executor fees and estate duty on his/her estate.
The analysis will subsequently be employed to move assets, create safety nets, or implement measures to exclude policies, etc. from the estate.
Estate Planning is a process
Estate planning should be viewed as a process involving much more than the mere drafting of a will.
Please bear in mind that each individual’s financial circumstances differ and that an important document such as a will requires much more knowledge and experience than the mere duplication of another will or a simple download from the internet.
The drafting of your will should be considered as your greatest legacy to those you leave behind. Ensure that your legacy to your loved ones does not include unnecessary tax burdens or impractical testamentary provisions.
If you need experienced and effective estate planning, kindly contact our offices and arrange for a consultation with our experienced attorneys.
