At the same time, there is a requirement for the management of our property, and this is usually bestowed upon a close relative or friend during this already painful time. However, a lack of foresight and preparation can be catastrophic, leaving behind a tangle of assets and liabilities and possibly a hefty inheritance tax bill, depending on jurisdiction. On top of that, the absence of a will can mean a distribution of assets on the basis of standard 'default' rules, rather than on the basis of your individual preferences. In this article, we will look at some common provisions in the nonexistence of any will, and aim to justify the benefits of making a complete and clear will during your lifetime.
Most jurisdictions will bear some legal responsibility to tax on death. This can be a specific difficulty for the administrators of estates, usually close friends, who must ensure every known asset and liability is accounted for before making legacies and signing off the tax bill. A chief problem comes with the personal liability attributed to the administrators, which means that should anything 'slip through the net' which is later exposed, there may be increased liability to tax. In practical terms, this could mean a surprise bill for several thousand which has already been distributed in legacies and for which the administrator must personally account. Providing for these outcomes in a will is one of the greatest ways of avoiding this inconvenience and stress, and it can also be the best method to ensure all assets and liabilities are exposed. By drafting an effective will, you can be certain your loved ones don't face economic hardship after you're gone.
In the absence of a will providing specifically for the administration of a deceased's property, it is up to the laws of intestacy to decide what happens to the entirety of our worldly belongings. Unfortunately, this does not ordinarily correspond with the way we'd like things to turn out. For example, in a number of jurisdictions there are automatic provisions for spouses and kids, meaning you can disinherit, even with a will. There is also usually a default of preference of who gets what and how much they get, which doesn't necessarily match your favorite relatives, or correspond to actual family set ups. In fact, cohabiters might run into problems receiving anything, including the house in which they live without proper testamentary provisions in their favour.
As you can see there are a number of obvious benefits to drafting a will during your lifetime. Sadly, many thousands of citizens die each year without making these provisions, and it really is a real headache for their friends and relatives who are left with the burden of a fair settlement. Intestacy leads to hostility and stress, which can be easily be avoided by just simply making a written will. If you haven't made a will, it is probably a good idea to make a consultation as soon as is convenient with a legal adviser to do so, to ensure your family are provided for as you would intend and to promote a favourable distribution of your estate on death.
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