Most people don’t have a will
Most people don’t have a will. Is that because the making of a will is an admission of one’s mortality? More often than not, we are requested to draw a will at short notice because a client is leaving for holiday or is about to have an operation. A will is a very important document and should not be left to the last moment as an afterthought.
If you have not made a will, we urge you to do so without delay. On the other hand, if you have a will, perhaps now would be a good time to revise it, because of changed circumstances.
Please remember that if you have minor children and die intestate (without a will), the laws of intestacy will apply and whatever your minor children become entitled to may be locked into the Guardian’s Fund until they attain the age of majority. Not only can the funds not be touched (without going to the Guardian’s Fund, cap in hand), but the interest that is earned in the Fund is entirely nominal.
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An example of a very basic will
This is the document that lets you state what type of medical treatment you do or do not wish to receive if you are too ill or injured to direct your own care. (Among other things, it’s the document you can use to be sure that doctors do — or do not — “pull the plug.”)
Read about the things you should consider when preparing a will.
Estate planning tools
Bregmans can assist you in the following areas:
· choosing beneficiaries
· estate planning by parents with minor children
· inter vivos (living) and testamentary trusts
· tax-avoidance and tax reduction methods
· trusts for people in second marriages, or for those leaving property to a disabled person
· planning for the handling of medical and financial decisions if one becomes incompetent
· dealing with an estate that is either insolvent or so heavily in debt that there are insufficient assets to pay the debts and legacies
· establishing a neutral referee in dividing up an estate among quarrelling heirs or relatives
· dealing with an estate comprising properties or a business worth a great deal of money