Having a Will grants you control over how your assets and possessions are distributed after your death, ensuring that your wishes are followed. If you pass away without a Will, you are considered dying ‘intestate’ and your family must apply to the state court which will then determine how your assets are split.
Clearly outlining your wishes, you can minimise family disputes and conflicts that may arise regarding the distribution of your estate, providing clarity and reducing the likelihood of legal challenges. Additionally, a Will enables you to appoint executors and trustees to administer your estate and manage trusts for beneficiaries, ensuring that your affairs are handled according to your instructions. Through tax planning strategies incorporated into your Will, you can also minimise estate taxes and maximise the value of assets passed onto your beneficiaries, ultimately providing peace of mind knowing that your affairs are in order and your loved ones will be taken care of according to your wishes.
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