Do I need a Will?
Many people assume that you only need a Will if you are wealthy or if you have a lot of assets. This assumption is incorrect as small estates can also cause a lot of friction and conflict amongst family members. Having a Will in place means that whatever you have (no matter how little) will be administered according to your wishes. Having a Will also makes the process of administering your Estate easier and less costly.
Having a Will means that you get to designate an Estate Trustee, your beneficiaries, and how your estate should be divided. It is a way to express your last wishes in a formal document that is recognized by the law.
If you do not have a will, then the decision of who administers your estate and who inherits is dependent on the laws and the courts. This means that if you have specific wishes, they will not be taken into account.
Your will also gives you the peace of mind to know that your loved ones are protected when you are gone.
Most people don’t seem to understand that a will is very important. If you don’t have a will then you don’t get to choose an executor for your estate. The court is going to have someone look after your estate if you don’t have a will. This could cause a lot of delay and problems with your estate and people that you want to receive income or property from your estate may not receive it.
Get a Will Now
You might still be young as well as healthy. The thing that you must understand is that you can get sick at any time, or you might be involved in a serious accident. If you don’t have a legal will then your estate will be divided in accordance with the scheme set out by the government. There are many cases where an estranged relative has benefitted from someone’s death, simply because that someone did not do a will. It is also important to remember that while we often think of a “common law” spouse as being the same as legally married, they are very different upon death without a will. A will guarantees that your wishes will be honoured.
Caring for Children
It is especially important to prepare a will if you have young children. A properly drafted will can include trust provisions for your children, ensuring that funds can be used for their benefit when they are young and safeguarding those funds until the children are no longer teenagers. With no will, the estate proceeds would be paid into court in a lump sum and paid out in full to the child at 18. A will also allows you to express your wishes as to who would be your child’s legal guardian if you pass away when you are still caring for your minor children.
Have things Done Your Way
You need a will because it will set out both what your wishes are, and who has the authority to carry out your wishes. Maybe you want to benefit your family. Maybe you want to donate to charities. Maybe you want to be sure that someone from whom you are estranged does not benefit from your death. Your will allows your things to be divided up between the individuals that you want to look after. Your will also identifies who will be responsible for carrying out your plans, including your funeral.
Summary
It simply makes sense to have a will no matter how old you are, and no matter what assets you have. A will just isn’t something for people that are retired, It is an essential document for anyone and everyone. If you have been considering getting a will, you should do so right away because it is a very important document, even if it is not used until many years in the future.
Have any questions regarding Wills?
