Having a will is crucial for several reasons. Here’s why it’s important and what a will accomplishes:
Not dying intestate: the biggest one for me is not dying intestate. When you die without a will, various laws will determine who inherits from your intestate. It will surprise you who can actually inherit. The master will have a discretion. If you have minor children, their portions will go to the guardian’s fund. It will leave your family with a mess.
Expressing your wishes: a will allows you to clearly state how you want your assets, such as property, money, and possessions, to be distributed after your death. It ensures that your wishes are known and followed.
Asset distribution: without a will, the distribution of your assets will be determined by the laws of intestacy, which may not align with your preferences. Having a will enables you to designate specific beneficiaries and allocate your assets according to your wishes.
Nominating guardians: if you have minor children, a will enables you to name a guardian to take care of them if you and the other parent are no longer around. This ensures that your children are entrusted to someone you trust.
Minimising family disputes: a properly drafted and executed will can help prevent disputes and conflicts among family members regarding the distribution of your assets. It provides clarity and reduces the likelihood of disagreements.
Appointing an executor: through a will, you can designate an executor, someone responsible for administering your estate and carrying out the instructions outlined in your will. This person ensures that your wishes are fulfilled.
Peace of mind: creating a will gives you peace of mind knowing that your affairs are in order and your loved ones will be taken care of according to your wishes. It relieves the burden on your family during a challenging time.
By having a will, you maintain control over the distribution of your assets and protect your loved ones’ well-being. It’s essential to consult with a legal professional to ensure that your will is properly drafted and legally valid.