Whenever people hear the phrase, “last will and testament”, they become a little bit uncomfortable to discuss it. In fact, some people go through their life without having one. But in reality, drafting one is important. You don’t need to be in critical condition to create one.
Respected UAE law firms gave these reasons why you need to process your last will and testaments immediately:
- To be prepared
Life is unpredictable. You are not in control when you will leave this world. But you can be prepared on whatever may happen to you. Drafting and processing your DIFC wills will help you and your loved ones to be prepared in any eventuality. This would make things a little easy for the people you will leave behind. They don’t have to worry about which estate will go to whom as you can equally divide your properties and assets to your family. This will lessen future quarrels and issues that might arise during the division of your assets.
- Take good care of your loved ones
Last will and testament is not just about money, assets, and properties. It can also be a way for you to give directives to your loved ones and assigned a relative to take good care of your remaining relative who are not capable of taking care of themselves during the reading of the will. This would include minor children, sick parents and even pets. You can give specific instructions to the designated relatives in your will.
- Minimize estate taxes
One things that deceased relatives have to deal with when processing assets of a deceased loved one is the estate taxes. If this matter is not settled, this can drain the finances of your relatives and cause massive headache to those will be burdened by it. But a carefully drafted will with financial provisions can lessen the amount of estate taxes. It would be best to discuss this with a financial planner so you can have a clear picture on how you will draft it with less estate tax.
- Set up the family trust
There are instances when a designated person will misuse the inheritance you leave for your loved ones. This would leave your loved ones financial drained and not being able to benefit from their inheritance. A will can help on setting up a trust fund for selected trustees and ensure that they will get the full benefits from your inheritance.
- Make donations to your chosen charities
Another thing that you can include on your will is donations to chosen organizations and charities. This is often the cause for people who have no remaining relatives that are alive. You can opt to give your assets to organizations that can benefit from your assets.