No one likes to think about what happens after they pass away. However, it is important to consider how you want your estate to be handled in advance. A well-drafted will helps prevent legal or tax surprises down the road. It provides peace of mind, clarity, and prevents potential issues for your loved ones.
With a will, you legally define what happens to your assets when you are no longer around. You decide who gets what, who will take care of your children if necessary, whether assets stay within the family, or whether you want to leave anything to charity. This allows you to maintain control—even after you are gone.
Additionally, a will gives you the opportunity to structure your estate in the most tax-efficient way, tailored to both your personal and social wishes.
When should you (re)consider your will?
We recommend that you create a will if you have not already.
Do you already have a will, but your circumstances have changed? For example, the arrival of children, a blended family, a divorce, an increase in wealth, or other major life changes. In that case, it’s wise to review and, if necessary, update your will. This ensures that your will still reflects your current wishes and complies with the latest laws and regulations.
Why a will Is essential
1. Defining Your Wishes
A will clearly outlines what should happen to your assets. For example, who inherits your belongings, whether wealth should stay within the family, or if you want to donate to specific charities. A will prevents the default legal distribution from taking effect, which may not align with your desires.
2. Clarity for Your Loved Ones
A will removes any uncertainty and potential conflicts between family members, providing clear guidance during an emotional time.
3. Protection of Valuable Assets
You can designate specific valuable items, such as family heirlooms or artworks, to a clear beneficiary in your will.
4. Business Continuity
Are you a business owner? It’s crucial to specify what should happen to your business after your passing, ensuring continuity for your employees, clients, and family.
5. Tax Benefits
A carefully considered will can help minimize inheritance taxes. Through smart decisions and timely planning, you can reduce the tax burden and leave more to your loved ones. For example, planning ahead and transferring part of your assets during your lifetime can potentially lower future inheritance taxes.
Get proper advice
Creating a well-crafted will not only provides peace of mind for you but also for your loved ones. It ensures your wishes are carried out exactly as you want and helps prevent legal and family complications. It is a valuable investment in the future of your loved ones. In collaboration with a notary, we are happy to assist you in drafting or updating your will to ensure it is carefully prepared and in line with your wishes.
Wondering whether your will still matches your current situation? Contact Sharon van Vuren at sharon.vanvuren@vanloman.com. We are here to help!