This is the process of planning for several major contingencies in life such as:
- Death at an early age
- Disability/ Incapacity
- Death at an expected age
- Retirement planning
- Funding for university
A Will can help you accomplish many goals.Through your Will you can:
- Direct the distribution of your property after your death
- Provide for cost-efficient and tax-efficient transfer of your property to your heirs
- Reduce estate taxes
- Designate a guardian and trustee for your minor children
- Designate an executor to supervise and organize your affairs
- Reduce indecision, anxiety and family conflict at the time of your death
- Establish a financial plan for the continuing support of loved ones
- Give directions for your funeral ( a seperate ocument can be prepared)
- Fulfill your lifelong dream of helping others by making a bequest to your favourite charity, school or religious institution
If you own any of the following then you need a will:
- House
- Land (registered and unregistered)
- Motor Vehicle
- Valuable Jewelry
- Investments: Stocks, Bonds, Bank Accounts, and Shares
- Business and other Assets
- Copyright owner of artistic work – songs, rhythms, books, paintings, trade marks, patents
- Anything you consider valuable
If you are an EXECUTOR or TRUSTEE for the estate of another person, you have a duty to ensure that someone is appointed to handle the executor’s business should you die before your duties are complete. The executor of your Will will automatically become the executor.
WHAT IF YOU DON'T OWN ANYTHING?
Even if you do not own any property, if you died in a motor vehicle accident your loved ones may be entitled to compensation from the person who harmed you.
Think about this:
- Who would you like to benefit from this?
- Who would you like to look after your affairs?
- Who would you like to look after children or other relatives?
- You have the right to decide this and a will ensures this!
WHAT IS A WILL?
It is a legal document written during your lifetime that directs the distribution of your property after your death. Your Will is a testimony to your lifelong love and concern and an opportunity to secure the future for your loved ones/ groups/ organizations you have supported during your lifetime.
WHY IS A WILL IMPORTANT?
The advantage to having a will is that YOU decide how your property will be distributed. Without a will your property will be distributed according to the laws of your country. A court may select an administrator for your estate and a guardian for your minor children. Furthermore, dying without a will can be costly and may complicate the transfer of your property to your heirs. If you and your spouse/ children father die at the same time without a will that appoints a guardian for your children, a court will select a guardian to care for your children and manage their inheritance until they become adults.
Would you want this important decision to be decided by any one other than you?
Would you like this to be decided by a total stranger?
What happens to your children while they wait for the Court to make this decision?
LIVING WILLS
Advances in medicine allow doctors to prolong and sustain life although a person will not recover from a persistent vegetative state.
Extending life when death is imminent to some people is only extending the suffering and prolonging the dying process.
QUESTION: IF YOU WERE TERRY SCHIAVO WHAT WOULD YOU WANT???
BENEFITS OF A LIVING WILL/A HEALTH CARE DIRECTIVE/ POWER OF ATTORNEY
- Allows you to make the decision of whether life prolonged medical or surgical procedures are to be continued, withheld or withdrawn
- It allows YOU to express your wishes prior to being incapacitated
- YOU remain in control of your life and medical treatments
- Prevents ambiguity and uncertainty among relatives
- Relieves undue stress and tension among family members
- Reduce litigation expense
- Reduce pain… may be your own
YOUR LEGAL, ETHICAL & LIVING WILLS ARE IMPORTANT
MAKE A CONCIOUS DECISION TO PROTECT YOUR
LIFE, FAMILY AND ASSETS.
