Top 6 Reasons why having a Will is Important
1. Will is Important, it Help to save money & time
As a contradiction to popular belief, most of the estates must go to the probate court to start and undergo the probate process commanding the distribution of assets, whether with or without a Will. Having a Will, however, will is important as it will increase the speed of the probate process and informs the court how you’d like your estate divided. Probate courts serve the purpose of “executing your estate”, and when you die without a will (known as dying “intestate”), this process will get more complicated as the court will decide how to divide estate without your input and wishes, which can also cause time-consuming, expensive, and even antagonistic for your loved ones.
The top reason to have a Will is to conduct this probate process. When you have a will, you can choose the person you want to handle your estate, making it easier and ease inconvenience for your loved ones.
Without a written Will, the beneficiary need to apply for a Letter of Administration (LA) instead of Grant of Probate (GP). The legal fees of an LA application are much more higher because it requires more documentation, and it takes longer time to get one.
2. Enable to appoint a Guardian
A Will allows you to nominate a suitable guardian who should take care of your minor children. Normally, the surviving parent will usually get the one and only legal guardianship if either one parent passed away, but if both parents passed away, this is one of the most important reasons to have a will. However, without a Will, the court will take it upon itself to select among family members or a state-appointed guardian. Having a Will allows you to appoint the person you want to raise your children or, better, ensure it is not somebody that you do not want to raise your children.
A guardian will be responsible for all your children’s daily essential needs, such as food, housing, health care, education, and clothing. And if you don’t appoint a guardian in your Will, the court will have to choose one for you.
If there are children aged under 18 (minors), it is more important to write a Will now. There is no other way to appoint the legal guardian of one’s wishes except by writing a Will.
Moreover, owning a pet is another great reason to have a Will, this is because by having a Will, you can make sure that someone takes care of your pet after you die. The law considers pets to be a property, so you can’t leave any assets to your pet with your Will. But you can name a beneficiary for your pet, leaving them to a dependable friend or family member. You can request the person to act as a caretaker or guardian for your pet, and even leave funds for them to provide for your pet’s care. Reference: trustandwill.com, Complete Guide to Legal Guardians
3. Distribution of assets met your wishes
A Will is importance, a legally-binding document that lets you determine how you would like your estate to be handled upon your death that includes:
who should get the assets – will is important
how much is the wife and children should receive
whether “souvenirs” are left for parents, siblings or any other members of the extended family.
If you die without a Will, there is no guarantee that your intended desires will be carried out. Having a Will assists in minimising any family conflicts about your estate that may arise, and also determines the “who, what, and when” of your estate.
Commonly, people aware that a Will lets them decide who will get their property. As the testator, you can name people as beneficiaries for specific assets. You can also name beneficiaries for any property that you don’t list — the “residuary” of your estate. When your executor handles your Will, they’ll be in charge of distributing these assets.
You might not be aware that you can also use a Will to help make sure that some people don’t receive anything. For instance, you might want to prevent the situation of an ex-spouse from receiving an inheritance. Or, if one child received your support through school, you might want to make sure the second child gets their fair share, too.
4. Avoid family disputes
If you have complex family dynamics, there’s a good reason to have a Will. When you passed without a Will, your family will have to guess and predict about what your final wishes were. And the possibilities are, they won’t always agree. This uncertainty can create friction, and even fights, which most of the time lasts a lifetime. Creating a Will solves the problem by defeating the guesswork.
Many people do not recognise they can disinherit individuals out of their will. Yes, you may wish to disinherit individuals who may otherwise inherit your estate if you die without a Will. This is due to the reason that Wills had specifically summarise how you would like your estate to be distributed, absent a Will, your estate may end up on the wrong hands or in the hands of someone you did not intend (such as an ex-spouse with whom you had a bitter divorce).
5. Planning earlier will never goes wrong
You will never know which will come first: your tomorrow, or your end.
Hesitation and the unwillingness to accept death as part of life are the most common reasons for not having a Will. Sometimes the recognition that Wills are necessary and important comes too late – such as when an unexpected death or disability occurs. To prevent the added stress and pressures on families during an already emotional time, it may be wise to meet with an estate planning lawyer to help you draw up a basic estate plan at the minimum, before it’s too late.
6. Leave a legacy
There are many people whom want to leave a positive impact on the world after they pass. And a great way to do this is to support the charities or causes you love the most. When you write a Will, you can conserve your legacy by leaving a part of your estate to a charitable organisation. Besides, you are also able to include giving out gifts and donation to those nonprofit organisations that you wished to give or that needs help and this enable to prolong your legacy and reflect your personal values and interests.
As a conclusion, some group of people adjourn in creating or updating their will because they assume their loved ones will automatically get an inheritance. But this isn’t always true. Probate can be a time-consuming and costly process for your beneficiaries. In addition, a Will only addresses your current circumstances. You should update it time to time as your obligations and the people in your life change.
When you create or update your Will, you can take care of your loved ones and give them an easy map to follow after you pass. This provides them a peace of mind, making it one of the most important reasons to have a Will.
And it’s easier than ever to create a Will. Unless you have a large or particularly complicated estate, contentious family dynamics, or feel like you need expert advice from an advocates, you can prepare your Will with or without a lawyer.
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