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Smart Wills Are a Must Have for a Happy Retirement

Tuesday, April 27th, 2010

Having worked tirelessly for all of your lives, its now time to reap the benefits of a well deserved retirement. A crucial part of that retirement is knowing the security of the wealth you have created for your family.

Some aspects to keep in mind:

Your Will:

* Is the single-most important document of your Property/Asset Distribution ‘intent’,
* It is how you would like your wealth, and assets, to be dealt with once you have passed,
* It is to whom you wish to bequeath all that you own,
* As well as a careful understanding of your wishes, which in turn yields a clear & tamper-proof will,
* It is the sound financial plan, advisable for ensuring the smooth transition of your family wealth.

The Much Needed Beneficiary Designation:

Since your wealth must only go to the Beneficiaries you think fit, and to no one else,

* Wealth Beneficiaries must be reviewed at the time of planning asset & property distribution.
* Beneficiaries need to be revised in several cases like divorce and death
* Beneficiaries must be assigned in consultation to derive the best Tax & Financial benefits

Joint Tenancy

Once in a while, jointly held property is a matter that results in family disputes:

* On the passing on of a holder of Joint Property, the ‘Survivor’ clause is activated
* The Holding then passes on to the survivors of the tenancy(or the plot)

Therefore careful thought must be given to a decision of starting Joint Tenancy.

Revocable Living Trust

A Revocable Living Trust is one where you can be both the Grantor (original trustee) & the Beneficiary (receiver) do the following :

* The property & wealth are put into a trust, and have the power to Amend or Discontinue the trust at any time,
* Since it does not constitute a Gift, there are no Gift Tax consequences in setting it up
* Thus, when setting up your trust you must seek sound advise and consult with an appropriate advisor – with ample experience in the field.

Your wealth distribution must be well informed, well thought out, safe and equitable; done in a legal, sensitive and advantageous way.