A will is a last declaration of your wishes ranging from property and guardianship of children to funeral services. A will provides a clear expression as to the manner in which your estate will be distributed. Without a will, the law sets out who will benefit from your estate and you are effectively silenced. It may not be the same person or persons as you would have wished. Without a will, there will be more time and expense required to have someone appointed to look after your affairs. In some cases the uncertainty may cause disputes among your beneficiaries. With a carefully prepared will, you determine how your affairs will be settled.
Thought must be given to succession issues for your business as well. Your business should not be neglected when reviewing your will.
Estate planning represents the process by which an individual prepares and arranges for the disposition of an estate during his / her lifetime. A properly drafted will can eliminate future uncertainties over the administration of property, financial assets, taxes and other expenses associated with an estate, etc. If you die without a will, the law of intestacy applies on how your property and assets will be handled, which means that you lose significant control over the process. Where children are involved, a Public Trustee may also be appointed to govern care and control over them. A properly drafted will provides a peace of mind to those you are concerned for and clarity in the distribution of assets.
This document declares either that the power of attorney for property is a continuing power of attorney, or it expresses the grantor’s intention that the authority given to the attorney is to be exercised during the grantor’s subsequent incapacity to manage the property. The attorney may do anything in respect of property that the grantor, if capable, could do, except make a will for the grantor. The scope of this authority may be expressly limited by the grantor if he or she so chooses, whether in relation to the subject matter – the property, or in time – not to commence before a specified time or event. It is important that the terms in the document are not vague or ambiguous, in order for it to be recognized by third parties.