This day serves as a reminder of how important it is to plan your estate with foresight and in accordance with your own wishes.
Anyone who does not draw up a Will is subject to the rules of intestate succession. However, these do not always lead to an outcome that reflects your personal wishes. With a Will, you can specify who should benefit from your estate, and which assets should be passed on to whom.
A Will is particularly useful if the statutory order of succession is unsuitable, if certain individuals are to be favored or are only to receive their forced heirship share, if there are family tensions, or if there are no descendants. If a non-married partner is to be named as a beneficiary, a Will is essential. Similarly, a Will can be used to stipulate that part of your estate should benefit a charity or a charitable cause. Careful estate planning also provides clarity regarding property, particularly if the existing properties cannot easily be divided amongst several children or if the properties are located abroad.
A well-drafted Will provides legal certainty, avoids misunderstandings, and can help to prevent conflicts amongst relatives. It enables you to organize your estate according to your own wishes and to ease the burden on your family.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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