No one likes to think about death, but it is something we all have to face at some point in our lives. If you die without a will, your loved ones will have to go through the probate process to settle your estate. This can be lengthy and costly, and it is not something your loved ones want to deal with. Here, we will discuss seven reasons why you should make a will.
What Is a Will?
Your will is a legal document that records your preferences after you die. This covers how you’d like to distribute your assets, such as real estate or money, as well as who you’d want to look after minor children and pets if you died. Your will also identifies the person(s) who would administer your affairs after your death – an executor.
Now that you know what a will is, here are some of the reasons why you’ll need one:
If your wishes are stated in a Will, managing your affairs after death is greatly simplified. This may save your family and friends time and money by preventing them from going through this challenging period twice.
Avoids Intent Rules
If you do not write a Will, your property will be subject to the statutory intestacy rules, which may not reflect your desires. These rules might inadvertently result in your assets passing to people you would rather avoid benefitting from. It is critical to creating a Will to ensure your estate goes where you want it to.
Having a Will allows you to exercise complete control over who receives your belongings and in what amounts. You may name specific people, such as unmarried partners or step-children, who would not otherwise profit and make provisions for charity.
Choice of Executors and Trustees
It is a personal option to select who will administer your estate and any trusts that may emerge. You can pick people you know and trust, as well as individuals you believe, are capable.
Appointment of Guardian
You may also name your testamentary guardians to look after any minor children at the time of death, just as you can select executors and trustees. It is possible to choose trustworthy individuals willing to act to avoid the necessity for court-appointed persons to become involved.
Although it is unusual for family members to address the subject of your funeral, a Will is an essential document in which to have these wishes expressed. While your executors are not required to follow such requests, they are unlikely to do so. You may, for example, specify whether you want your body used for scientific research or if you want your organs donated.
You may also leave directions for the funeral. These instructions can be as detailed or as simple as you want. If they’re lengthy, they may be recorded in a separate Letter of Wishes that can be edited independently later without affecting the will.
Provision for Valuable Beneficiaries
If you don’t have a Will, you can’t make suitable arrangements for vulnerable beneficiaries due to mental deficiency. In these instances, a specific trust is often created within your will. The assets available to the trustees may be appropriately managed so that the disabled beneficiary does not receive large sums of money, which might jeopardize their entitlement to any means-tested benefits.