Laws of Succession
If you do not do a legal will, heres what happens:
- Courts will decide who gets what
- Family start fighting about assets
- Your wishes get ignored
- Beneficiaries lose their inheritance
A simple legal will fixes it all.
The laws of succession fulfil an important economic function as they regulate the transfer of your wealth upon death. We know that professional administration of deceased estates not only addresses the inevitable consequences of death but it also ensures the continuation of quality of life for the next generation.
When you come to the end of your life, everything that remains of your assets after all financial obligations have been settled passes to your beneficiaries.
The objective should, therefore, be to leave your loved ones an estate that is as close to debt-free as possible.
MyProtector has drafted a starter will for both single people and couples. This will ensure that you have a legal document right away. Once you have downloaded your legal document, scroll down to find the set-up instructions to ensure you have completed it legally.
Ensuring your affairs are sorted legally.
Protecting the people you choose to support.
If you do not do a legal will, heres what happens:
A simple legal will fixes it all.
When you die, the government gets notified and then your life must be legally wound-up. That's called estate administration. Without a valid Last Will & Testament, you may spend your whole life building a legacy only to lose the legal right to decide how it is protected and passed on.
1.
The courts can only listen to your wishes and instructions when you die if you have a legally accepted will.
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2.
If you don't have a legal will, the courts will decide what happens to your stuff or kids (single parent) and it will be legally binding.
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3.
The courts will also require a layperson to appoint an executor to wind-up your estate and they will charge fees.
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4.
Children and dependants may not be provided for in the way you intended.
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5.
People you never intended to benefit could have a stronger claim than those you wanted to protect.
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6.
You give up control over one of the most important decisions of your life.
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