Importance of Writing a Will – Everything That You Need to Know
It is impossible to know what will happen in the next moment of your life. While saving every penny and accumulating multiple assets throughout their lives, people often forget to think about what will happen beyond that time. Who needs a Will? An individual’s assets are dispersed across different areas, and it is necessary to keep track of them until it is the right time to assess them. Governmental and private organisations provide different services to individuals, which help them value their assets in the most efficient manner. Estate planning is one such process; it helps individuals assess their estate while they are alive and distribute it among their beneficiaries after their death.
Writing A Will: A Crucial Device for Estate Planning
Estate planning requires several devices that smoothens the entire process and make things easier for both the individuals and the planning official. A will is an imperative and unavoidable estate planning tool that you must be equipped with. It is a legal document that holds the records of your assets and highlights your decisions regarding its distribution among your loved ones.
A will is created by a person to express their wishes about the distribution of their property. The will is read out after the death of the person by the executor (nominated by the individual) to determine the distribution pattern. In writing a will, the maker must included the complete records of the property, names of the beneficiary or beneficiaries and the executor, and the instructions to manage the estate henceforth.
There are no hard and fast rules regarding who needs a will; everyone who has got significant assets in the form of property must write a will, irrespective of their age and financial situation. If you haven’t yet written a will, then read on to discover more about this mandatory legal document and the reasons it is considered crucial for estate planning.
Why Is Writing a Will So Important?
A will is an important device that grants your wishes when you are not around.
- Guardianship of Your Minors
Apart from distributing your estate and personal belongings, having a will gives you the power to choose the guardianship of your children after your death. The will clearly mention details regarding your children (if any) to ensure their guardianship until they reach the legal adult age of 18.
- Prevents Intestate Succession
According to Intestate Succession laws, if you die without a will, the government decides which family member will gain custody of your estate and in what proportion. Intestate succession often makes decisions that are not in favour of your loved ones. In the majority of cases, your spouse and children are most likely to receive custody. It is important to have a will that prevents the government from taking action.
- Reduces Family Conflicts
A will is a clear representation of your emotions; it highlights your wishes and ensures that they are fulfilled after your death. If you are not thorough with your Will regarding who gets what, it can pave the way for conflict and hurt the feelings of your loved ones. A written Will stating the names of the beneficiaries and the proportion in which they will get the property can reduce the conflicts among your family member.
- Writing a Will Does More Than Distributing Property
While the primary aim of a will is to distribute your property among the beneficiaries after your death, there’s a lot more your will can do, which is beneficial in every sense. Your will lets you:
- Name an executor to carry out the distribution;
- Make trusts for children; and
- Clear off debts and other liabilities.
It is important to determine all the potential of a will and make the best use of it to distribute your property appropriately.
Who Needs a Will?
Irrespective of how much you earn or the amount of savings you have, a will makes sure that all your personal belongings and earnings are distributed amongst the deserving beneficiaries after your death. For instance, if you are an entrepreneur, then writing a will can help you transfer your assets to your successor or successors seamlessly.
For a Peaceful Life – A Will for Everyone!
Planning for your life when you are alive is something everyone is accustomed to doing, but those who have a fully-fledged plan regarding their finances after their death are indeed sensible people. Estate planning is an important process that every individual’s estate must go through to safeguard the interests of their loved ones after their death. Everyone must be equipped with a will to distribute their estate appropriately among the beneficiaries. Whether you are an entrepreneur, employed in a company, or soon retiring, writing a will is never wasted; instead it is an intelligent move to express your wishes regarding the distribution of your assets when you are alive. So, stop struggling to find the answer to the question ‘who needs a will?’ and start preparing to write your will at your earliest convenience.