The Importance Of Making A Will
“A Will is one of the most important documents a person can have; but, a lot of us put it off for far too long.”
WHAT IS A WILL?
A will is a legal document that directs the division of your assets after your death and can designate guardians for young children. It is read by a county probate court after your death, and the court ensures your final wishes are carried out. A will is important because it enables you to express your wishes clearly and accurately.
What happens when you don’t have a will
The legal phrase for death without a will is “intestate.” When this happens, the rules of intestacy determines how your property is distributed. Some of the disadvantages of not having a will include:
- You have no control over how your estate is distributed.
- The rules of intestacy may not correspond with your wishes.
- Your spouse may be obliged to sell the family home to pay a portion of the inheritance to your children.
- You have no control over who is chosen to be your children’s guardian.
The Benefits Of Making A Will
Making a Will allows you to choose how your property and affairs are addressed. There are various compelling reasons to create a Will. Some of them include:
- Providing financial security for loved ones
This is especially important for unmarried couples since their relationship will not be acknowledged by the Intestacy Rules, which apply when someone dies without making a valid will, under the Intestacy Rules, cohabitees have no rights in their deceased partner’s estate. You state who you wish to inherit your assets and who your Executor(s) are.
- Making gifts of possessions and money
If you own items of sentimental value, expensive jewellery, or expensive works of art, you may want to make sure that they go to a specific member of the family or a close friend who would enjoy and value them.
- Paying less inheritance tax
The small cost of making a will can comprise outstanding value when compared to the tax benefits that can be made.
- Appointing guardians for your children
This is especially important if you have young children and want to assure that they are properly cared for after your death.
- Avoiding the unintended consequences of intestacy
In specific cases, the Intestacy Rules will produce an outcome that is at odds with what the deceased would have intended and can lead to dependents experiencing unexpected hardship or family disputes arising.