About Your Will – Page 2

Dying without making a Will causes myriad problems. Legal uncertainties and complexities cause undue delay in settling of assets. Moreover, these problems require spending considerable amounts of money and energy on their settlement. All these problems can be nipped in the bud by taking one intelligent step – making a will.

A will is like insurance for your loved ones. With a valid will you can:

• Choose an executor of your estate and property to see that your will is executed in a timely and methodical manner. If your will does not define an executor, the onus will go to the court who will choose an administrator to carry out the required duties.

• Acknowledge personal circumstances with regards to naming a guardian for minor children. With a will you can make special provisions to defer the distribution of your estate amongst your children till they reach a certain age and can manage your property maturity. In case of a parent who dies intestate, the estate is distributed only when his or her child turns 19. You can also make special provisions for those who are ill or unable to manage the inheritance in your will.

• Acknowledge business circumstances to direct how long your business will be continued or when will it be liquidated. Provisions for charities, transfer of business ownership or division of the business amongst kith and kin can also be made in a will. In the absence of a will, the state is entitled to distribute your estate to your nearest relative directly, with immediate effect.

• Reduce taxes and administrative costs by leaving appreciated property to your spouse, as mentioned in your will. As against this, on intestacy, a major portion of your property will go to your children, thereby increasing the tax liability to the property.

Do not leave your money and property to destiny. The laws pertaining to wills are quite intricate and you need highly acclaimed legal experts who have ample knowledge of wills and trusts to provide you with the best solution. Moreover, preparation of wills and trusts is an extremely sensitive and confidential matter. Therefore, bestow this responsibility on only the most trustworthy name in the business.

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