No one knows when their time will come, but it is important to be prepared for the inevitable. Dying without a will can have negative consequences for your loved ones, as they will have to deal with the intestacy process. This can be long and complicated, and often leaves family members fighting over assets. If you want to ensure that your loved ones are taken care of after you’re gone, it is important to make a will. It is never too late (or too early) to do this!
In the summer of 2016, the world lost one of its greatest musicians – Prince. Prince died without a will, and as a result, his estate was intestate. This meant that his siblings had to go through the intestacy process in order to divide up Prince’s assets. Unfortunately, this process was not without its complications. There was a lot of fighting between Prince’s siblings, and it took years to finally settle the estate. Many people believe that if Prince had taken the time to make a will, this could have been avoided.
Dying intestate can be both financially and emotionally costly for your loved ones. When a person dies without a will, their estate must go through the intestacy process.
Furthermore, if there is no clear plan in place for administering bank accounts after death, distributing assets, and ascertaining what you would have wanted, it can be difficult for loved ones to cope emotionally with the loss of their relative.
On top of the emotional cost, the taxes due on an intestate estate can be quite substantial. One of the reasons why it is so important to make a will is to avoid having to pay intestate taxes. During the intestacy process, the estate will be assessed for tax liabilities. These liabilities can be significant, and often end up costing a lot of money.
With that said, here are some basic tips for creating a successful will:
- Make a will sooner rather than later
- Include all of your assets in the will
- Name an executor to carry out your wishes
Making a will is not something that most people like to think about, but it is an important task that should be taken care of as soon as possible. The cost of making a will can seem high at the time, but it is nothing compared to the cost of dealing with the fallout at a later date. Intestate succession can be costly for your loved ones, so it is best to take care of business now. If you’re ready to make a will, our team at Falzon Legal can help you get started. We offer estate planning services that are designed to meet your specific needs. Contact us today to learn more.
— Falzon Legal