It’s the season of love and in keeping with this theme, we examine the gift of ESTATE PLANNING.
Estate planning allows you the chance to determine the direction of your legacy even after your physical life has passed. When you plan for your future, whether it’s your potential incapacity or inevitable death, you spend time thinking about who and what you love. Questions such as: Who is most important to me? Who will miss me most if I am not here to take care of them? Who will take care of my children or grandchildren?
Having a valid “will” is very important in estate planning. The benefits of this cannot be emphasized enough. With a will, you are in a position to direct the administration of your assets after death and ensure that your assets are distributed according to your wishes. It is essential however, that your will be properly drafted and executed to ensure that your desired objectives are fully and effectively met. A careless error could mean the difference between a valid will and an invalid will or an effective and an ineffective gift. When a person dies intestate, that is, without a will, his/her estate will be distributed in accordance with the law and their assets may fall into the hands of persons they never intended.
Obtaining a life insurance policy is also an important step in estate planning as this ensures that your funeral expenses are not a burden on the ones you love. The proceeds from the insurance policy will be paid directly to the named beneficiary upon death.
When you plan your estate, you are showing your whole family that you love them so much that you want to save them a great deal of the stress and strife that can occur when someone dies or become disabled. Speak to your Attorney about getting your estate in order.
Happy Valentine’s Day!
Abi-Gaye White-Thomas B.A., LL.B (Hons)