We do not all realize the importance of having a Will. The fact is, life is precious and it can end at any moment. For this reason, we should prepare ourselves for that day before it’s too late. Listed below are some essential reasons why not to put it off any longer:
A Will is a legally-binding document which determines the “who, what, and when” of your estate. If you do not have a Will, there is no guarantee that your wishes will be carried out the way you envisioned. This leaves your family confused and will lead to conflict about your estate. Having a Will allows you to determine how your estate gets handled upon your death.
When minor children inherit an estate, they are too young to make choices for themselves. Through your Will you can decide if you want your assets liquidated by selling the house and dividing the money between beneficiaries. Or you can decide if you want to keep your assets in a trust.
You can indicate in your Will when you would like the trust to dissolve. Perhaps when your children turn 18, which will allow them to decide what they would like to do with the house. The choice is yours, as we know you will have your family’s best interests at heart.
Whether someone has a Will or not, all estates go through the winding up process. Passing away without a Will or dying intestate means a court decides how your estate gets divided. Without a Will, the court uses the rules of intestate succession and does not take your wishes into consideration at all. You do not want your family to suffer from poor planning as any debt will be settled first. Avoid liquidity issues within your estate by making sure your estate planning is up to date.
Your will should be revised annually, ensuring that the correct beneficiaries benefit from your estate. Without a will, an ex-partner or illegitimate children may benefit from your assets. If you have not updated your will, your loved ones will sadly have no recourse.
Having a Will in place will not only help your loved ones during what is already a difficult time. It will leave you with peace of mind knowing your family will be taken care of. It will happen without delay and according to your wishes once you’re no longer there to do so.
For more information contact Sean Jackson