Almost everyone loves to make well-thought-out decisions regarding their finances, health care, property, and loved ones. They do so expecting that others will deal with these matters in accordance with their wishes in case they die.
Writing a will is an integral part of the estate planning process, and here are three essential reasons why you had better make one as soon as possible.
Distributing property according to your wishes.
In the case that you pass on without writing a will, your property will be distributed to your beneficiaries according to the existing intestacy laws of the land. If you're lucky enough, the property might be distributed the way you might have wanted. Nonetheless, chances are very high that it won't.
Letting your loved ones know how you'd like your property to be distributed can give them the peace of mind they deserve once you're no more. Deciding who gets what will ensure that every part of your property goes to those who you care about.
For example, maybe you intend to pass your great grandmother's wedding ring on to your daughter when you die. If you won't have written a will by then, your son may argue that his wife should have the ring.
Avoiding wrangles among beneficiaries.
Family disagreements over who deserves to get what sometimes become so intense that may need long, stressful court battles to resolve them. A will clearly indicates who you wish to leave your property to so that you can save your family the tussle of fighting over why they think they are the most-deserving beneficiaries.
As you're writing a will, the solicitor can advise you on the best way to prevent family squabbles, e.g. by making sure that you've left a reasonable part of your property to close relatives and dependents so that they don't have to make further claim on your estate once you're gone.
Making prior funeral arrangements.
Quite naturally, many people dread to deal with the truth that death is inevitable. It is until they've lost a loved one that they're forced to think about making funeral arrangements. Even though planning for your funeral is a whole separate matter from property distribution, a well-written will can let people know important things such as where you wish to be laid to rest.
Better still, you can opt to pay for the funeral in advance so that no extra estate monies are used to finance another when you die.
For more information or legal advice, contact a wills and estate planning lawyer.
Share23 September 2015
I love reading novels that involve complex legal cases. I particularly enjoy those that are told from the defendant's viewpoint, but any well-written legal fiction will capture my imagination. My interest comes from being a court stenographer when I was much younger and seeing the dramas in real-life! Nothing irritates me more than a novel which includes legal fallacies. Fiction or not, I am a stickler for accuracy. I like to do research and check if a court case in one of my novels could play out in real life. It has become quite a hobby and I spend a lot of time in the law section of my university's library. I'm sure there are other people who are interested in the law for various reasons and I would like to share some of the knowledge I've gained. I hope you find my blog fascinating and worthwhile.