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Category Life Insurance

Simple planning can save your heirs a lot of money

09 September 2009 FedGroup financial services

The death of a loved one is always tragic. Even worse dying without a will can lead to unwanted consequences, especially for minor heirs.

Every person with assets needs a will to ensure that their wishes are honoured after their death.
Dealing with the death of a family member can put an enormous amount of stress on those that are left behind. It is imperative that family members take the time to draft simple and practical wills that accurately refer to all their assets, says FedGroup Group Operations Manager Scott Field.

Field explains that if a person dies without a will in place there is no guideline as to how their assets are to be distributed. A comprehensive will can save a family from much bickering and confusion.

The first step to drafting a comprehensive will is to approach an expert for help. Trust companies, banks and accountants are all qualified to assist one in putting a will together.

It is important to remember that there is no one size fits all formula. Planning needs to be customised to your individual or family situation, adds Field.

People that need to draft a will need to reveal their unique family situations so that a simple and easily executable document can be put in place.

Complex business arrangements, specific wishes and children from previous marriages need to be taken into consideration

Field advises the following steps to be considered when drafting a will:

1. Make a list of all your assets and liabilities and put a realistic value on each

2. Decide who you want to appoint as an executor. Remember it is the executors duty to wind up your estate in terms of your wills stipulations and that your heirs best interests are taken into consideration.

3. Make sure a professional assists in drafting your will.

4. Read through your will carefully and make sure you understand everything.

5. Make your family know you have a will. You do not have to reveal the contents of the will but indicate where your family can get a copy upon your death.

Remember your will is one of the most important documents.

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