Getting a Will written is arguably the best gift that you can give to your family after your lifetime. Whenever we think of a Will, we are often confronted with the very real fear of our own mortality, so, we do our best to avoid thinking about it. Nine out of 10 clients that I interact with do not have a Will written.
We do want our loved ones to be cared for even after our lifetime, and isn’t that the reason we get those numerous insurance policies? A Will is equally, if not more important, to ease their pain and suffering after we are gone. But if you are still looking for reasons to be convinced, here are a few:
You get to decide how you distribute your assets
A Will is a binding document, wherein you get to choose how and to whom your movable assets should be distributed. When a person dies intestate (without a will i.e.) you cannot be assured that the property will be divided or distributed to only those people that you want it to go to!
You get to choose the guardians of your minor children
A Will make you take an informed decision as to who looks after your minor children in case of an untimely death. Without a Will, the courts will have to interfere in appointing a minor guardian, and you may not have a say in who takes care of your children, or for that matter how your property will be looked after until your children attain a majority!
You get to leave out people you don’t want to enjoy your assets
Oh Yes! you also get to disinherit those people who think they have a birth right over your property. You will ensure that your property does not fall in wrong hands after your lifetime.
You can donate your assets to charity
We all want to make donate a part of earnings to charity, and one way to ensure that your wish is executed after you is to make a donation through will. Without a Will, there is no guarantee that your oral wish to donate would be executed.
Avoid lengthy probate proceedings
When a person dies intestate, his property is not automatically transferred to his survivors, there could be several claimants to your property, which could possibly result in a lengthy and a nasty court battle. If you have written a Will, the rightful and legal beneficiaries can nip those unwanted claimants from laying a claim against your property!
Did I mention that you can amend your Will as many times as you want? But make sure that you have left your last will and testament with your trusted attorney, and ensure that all the previous ones are destroyed or nullified.