No one would look forward to writing a will as a fun way to spend the weekend. It is neither as thrilling as planning a holiday nor selecting a car to buy. However, the reality is that if you do not make these decisions, the law will make that decision for you later, and let us tell you- it will not be quite as considerate.
It can be best described as the greatest way to give the surviving loved ones hope, assurance, and comfort. Now, to come to the final question: why is making a will so important? Here are the main reasons why you should not procrastinate any further.
What Is a Will and Why Does It Matter?
In its simplest form, a will is a legal document that outlines a person’s general wishes regarding the distribution of their property, upbringing of children, and management of the household after their death. It guarantees that your financial affairs, such as debts and taxes, will be well-managed as you desire.
Consider it more of a map you are providing your family rather than a puzzle for them to solve. If there is no will, then the state takes over and distributes the property through intestate succession, which is time-consuming and bureaucratic and results in family conflict. In other words, developing a will is about safeguarding your property and your family from such negative impacts.
In some circumstances, you may also wish to know if a trust would be more suitable for administrating your estate. There are other advantages of trusts; for example, they can help save time and money on probate and give the possibility to manage the assets of the heirs. If you still have no idea which of the two suits you, you can use this trust vs will in Washington State explained guide, for instance, to learn the main differences and advantages of each. A will and a trust are two of the most essential documents that should be used in estate planning. They complement each other in offering protection and flexibility over the estates and the beneficiaries.
Top Reasons Why Writing a Will Is Essential
It is not who gets what after your passing, but it is all about the welfare of your family, what you desire, and your memory to be protected. Here is why having a will is one of the most important things that a person can write:
Ensures Your Assets Are Distributed According to Your Wishes
The money you have saved, your house, investments, and personal belongings should go to your loved ones. A will ensures that you have control over the distribution of property and assets, as opposed to state control.
If you are single, in a common-law marriage, or cohabiting with no immigration status, your partner will receive nothing under the intestacy laws. Thus, distant relatives or other unintended beneficiaries may inherit your property instead of those you want to benefit. A will guarantees that your properties will be divided as per your instructions.
Protects Your Children and Dependents
Of all the purposes for which one can write a will, one of the most important is the welfare of the children or dependents. In the event you have minor children, your will lets you name a guardian – a person you would like to raise your children in case of your death.
If this is not done, the courts will determine who will be the custodian of your children, and this may not be your choice. Also, you can provide the details of how your estate should be managed for their maintenance, education, and other necessities in the future.
Prevents Family Disputes
Sometimes, this can cause conflicts in the family, especially when the deceased did not leave a will that would have helped in the division of the property. A well-drafted will eliminates confusion and ensures that there are clear instructions, hence reducing the chances of disputes in the family. Naming specific beneficiaries and explaining how you would like your assets to be distributed will help your relatives avoid disputes and focus on supporting each other during a difficult time.
Minimizes Inheritance Tax
A good example of estate planning is using a will, which helps minimize the amount of inheritance tax to be paid, hence passing most of the wealth to the family. When planning the distribution of your estate, for instance, donating a share to your spouse or a registered charity, you can avoid paying taxes or taking certain reliefs. With the help of an estate planning specialist, you can find out how to avoid paying taxes legally.
Supports Charitable Causes
If there is a cause or organization you hold dear, your will enables you to leave behind a bequest for the cause or organization. It could be a gift given to a charity, a religious, or a community project. The impact of this will always be felt. Moreover, it is also advisable to give charitable bequests since they will help reduce the inheritance tax on the estate while supporting a charitable organization.
Simplifies the Probate Process
Probate, the legal process of settling an estate, may take time if there is no will. A will helps shorten the time taken in the probate process since the wishes of the deceased are clearly stated. When one dies without a will, probate may take months or even years to complete, denying the beneficiaries their due share. A will helps to avoid complications and legal issues in the future after the owner’s death.
Ensures Care for Vulnerable Relatives
This is especially important if you have elderly parents, disabled family members, or relatives who are dependent on you. Your will can detail how they should be taken care of after your demise. You can create trusts to cater to their needs so the money will be managed appropriately. This is especially so for the beneficiaries who may not be able to handle their own affairs due to factors such as old age and disability.
Having a will is an important aspect that one must consider for the welfare of one’s family. It explains how your property is to be divided among your heirs, names a guardian for your minor children, and reduces the chances of disputes. Goodwill captures your wishes and guarantees that your desires will provide for your family.
