Will & Estate
WILLS & ESTATE PLANNING
WHY HAVE AN ASSET & PROPERTY PROTECTION PLAN?
Asset & Property Protection involves making arrangements to protect your Property, Assets and Money to cover you during your life and after you pass away.
Perhaps planning for the protection of your wealth and assets during your life is one of the most important things one can do to safeguard yourself and your family against unscrupulous people or unforeseen life events.
In the world we live in today it is of paramount importance to always plan ahead to ensure you are not caught off guard if something unfortunate was to happen such as death or divorce.
This is why it is a good idea to think about what will happen to your assets and to your loved ones during your life and when you pass away.
Our lawyers can assist you to develop a clear plan and strategy that will safeguard and protect your assets and estate. Estate planning will give you piece of mind and ensures your money and assets are protected and in the event of death are inherited by the people you choose.
10 REASONS WHY YOU NEED AN ESTATE PLAN:
- Provide clarity for your surviving spouse, children and family in order to avoid any estate related disputes, issues, confusion or misunderstanding arising after you pass away;
- Provide support and financial stability for your surviving spouse, children, and grandchildren;
- Preserve your wealth for later generations;
- Make sure your wishes are carried out when you can no longer manage your affairs. It’s important to have both a power of attorney and a living will;
- Support a favourite charity or cause with a gift of money, securities, or other property;
- Distribute assets in a timely fashion, with a minimum of legal hassle;
- Minimize taxes and expenses that can go along with transferring assets;
- Provide enough cash to meet expenses and prevent the forced sale of assets;
- Ensuring that beneficiaries named on insurance policies are up to date and go to the people you want to benefit;
- Protect your family’s privacy with an estate plan designed to prevent your will from becoming public record.
WILLS AND POWERS OF ATTORNEY
A will is a written statement of the way in which you(the testator) wish to have your property distributedafter your death.
Why every person needs to have a will
During our lives we often get caught up with work, raising children, running businesses, supporting our families and so on and we often forget that by having a will in place is one of the most crucial ways we can continue to support our loved ones and ensure that the assets and wealth that we worked hard to accumulate during our life is distributed according to our wishes after death.
Dying intestate (without making a will) means that your estate will be distributed according to a statutory chain of inheritance; i.e. a formula set out in law of the country where your assets are.
This can result in your assets and estate being inherited by persons not in accordance with your wishes.
If you have no living relatives at all will your estate will then pass into the ownership of the state.
To ensure that your property is passed on to the people you choose, you should take the time to make a will. Also it is important to update your will if you marry, divorce, have children and so on.
Power of attorney
A power of attorney is a legal document, by which you authorise someone (known as your “attorney”) to make legal and financial decisions and sign papers on your behalf.
When do I need a power of attorney?
If you are travelling overseas for a lengthy period you may want to give someone a power of attorney to manage things while you are away or you may also wish to grant one if your health has deteriorated (although a power of attorney does not enable your attorney to make decisions about your health and medical matters).
International Wills, Powers Of Attorney, Trusts and Estate Plan
Wills, Powers Attorney & Trusts for Expatriates
- Many Foreigners (Expatriates) from places other than their new homeland abroad often have substantial assets/monies in their “home country” otherwise known as the Country of Origin and have also accumulated Assets/monies in one or more places in abroad.
- In Many cases foreigners have formed Relationships and marriages with Nationals of various other Countries and there are dependants/children resulting from these relationship(s).
- In some cases foreigners/expatriates have other family and sometimes dependants in their Country of origin.
Issues to Consider
- When making a Will it is usually best to make a separate Will that only applies in respect of each Country or place you may have assets in and which does not in any way contradict other wills made in other Countries/jurisdictions
- Generally Dependants haveto BE MADE provision for,or the will maker will run the risk of the Courts interfering and making a provision for the dependants after the death of the will maker (i.e. Re make the Will for you)
- A good estate planning wills/trusts, power of attorney review should include a holistic approach and enquire if for instance you and your often younger Spouse have adequate Life, Sickness and Accident /Income protection Insurance …if you have a Business is it covered if you become incapacitated?
Note: All countries often have different legal systems and laws about inheritance thus having separate wills in each jurisdiction or place where property and assets are situated makes more sense.
Speak to one of our expert wills and estate planning lawyers today to help you developed a personalised estate plan and be on your way to achieving peace of mind.