Some people don’t want to tempt fate, while others don’t see the point, but ultimately everybody can benefit from drawing up a properly structured will.

Still, there are plenty of familiar excuses. “Everyone already knows who’s supposed to get what,” is one familiar reply. “I already have a list of my assets, and the people they should be given to,” goes another.

But what some people don’t realise is that by not preparing a legal will, you could be courting legal disaster for your beneficiaries. Die without a will that has been properly signed and witnessed and you are deemed to have died intestate, which means the rules of intestacy will be imposed by the government of the country where you live. Without a will there is simply no way for anyone to enforce your intended wishes.

Taking charge
Start by deciding who will be your personal representative. It could be your spouse, but what if both of you pass away at the same time? Somebody has to assume responsibility and the necessary authority to preserve, gather and distribute your assets in accordance with the wishes provided by your will (or by state law, if you die intestate). A list of all those assets is also likely to prove very helpful when the time comes.

Another thing to consider is the long-term welfare of your children if they are minors. Have you appointed a guardian or guardians in your will? Who will bring up your children in your place, what happens to them if the appointment has not been made and how will legal proceedings be funded?

And it’s also worth bearing in mind that the benefits of making a will are not just practical, you can also stand to gain financially by properly structuring your finances through a well-constructed will. Sensible planning can reduce your tax bill in a perfectly legal fashion, while inheritance tax, estate duty and capital gains tax on the transfer of assets following death can also be reduced when organised correctly.

Expert help is available, so protect your family with a will and proper estate planning. In the end, it will represent great value for money.

THIS ARTICLE IS REPRODUCED COURTESY OF SMART INVESTOR MAGAZINE