Why should I make a will?
A Will is one of the most important documents that you can create during your lifetime. It is imperative that you have one in place as one never knows what is around the corner. Here are 6 reasons why it’s imperative that you make a Will.
1. A Will is the only way to make sure your estate (which includes any savings and possessions or even property) go to the people and causes that you care about. This is perhaps the most imperative point and will ensure that your wishes are carried out and not decided by somebody else.
2. Dividing inheritance can cause huge arguments between relatives, especially where money is concerned and who has the rights to it. Leaving a Will should remove any doubt about who you want to leave your estate to. A relative can still lay claim to some or all of the estate, but if your Will is structured properly, it will remove this ambiguity.
3. You may decide that you want your inheritance to pass to someobody when they reach a certain age. For example, some people set an age of 21 rather than 18 or perhaps even older if the recipient is not good at managing money.
4. A Will ensures that assets are kept within your family and are passed down your family line. New spouses or second families could inherit your assets in the future, leaving your family without. A well written will can ensure that all sides are looked after.
5. Your Will enables you to appoint trustees to your estate, whom you will trust to look after your estate. It also means that you have presented exactly who receives your estate and so there is no requirement for the trustees to track down long-lost relatives, all of which costs money.
6. Your Will can be drafted in a way to put some assets aside for your children rather than just all to your spouse. This could be advantageous in situations where your spouse needs funding for care, as some of the estate will be protected away from meeting these costs.
In summary, dying without a Will can mean that your loved ones are left with a financial and emotional mess to deal with, at a time when they are grieving your loss.
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