The biggest mistake you can make with your will
Posted 05 May 16 by Justin McCartney
How could Prince die without a Will? Unbelievable but, he could have made a bigger mistake. A recent phone call reminded me of the pain caused by 'controlling from the grave'. Does the Will maker think the beneficiaries are incapable of making decisions? Or, is it just 'ego'? Whatever the reason, the inflexible structure of the Will has tied up assets for the grandchildren and caused World War 3 between his children. Was that the real intention? I doubt it.
To ensure that your wealth and legacy is passed on to others according to your wishes, and your estate is properly managed either after your passing or if you can’t continue to manage it yourself, a documented will is the starting point.
An effective estate plan can provide you with peace of mind and help avoid potential complications for your beneficiaries. It:
- Delivers your assets to the people you choose
- Maximises the after-tax value of your assets
- Builds financial security for your dependents
- Makes it as easy as possible for the people you leave behind to handle your affairs.
A Will is about intention. It doesn’t have to be about ‘controlling from the grave’. But, rockstar or not, building an estate plan that works for you and your family is a complex yet vital part of your comprehensive financial plan.
For further advice on this subject, click here to find an expert in your area.