Table of Contents
1. Make a decision as to what happens to your estate
The choice to write a will is the sole reason to ensure that you can decide who you want your property, money, and possessions (otherwise known as your estate) to be left with.
if you don’t write a will, the government will be left to make that decision in your place.
That could well mean the friends’ abs family or charity that would have been benefactors your inheritance do not receive anything. Meanwhile, other people might get the majority of your estate.
A Will is a legal document that allows you to decide how your inheritance is handled after your gone.
Ensuring that a Will is in place will make it much easy for the chosen ones you leave behind and reduces the possibility of arguments at a sad time.
2. Ensure Children are looked after by the right people
Leaving a Will helps you to make the right choice about who should care for your children. If you don’t write a will, then the judicial system might decide to select another person in the family, or a choice may be made for a guardian to take custody of the minors.
The benefits when you write a will is they you get to decide the person who will be the custodian and guardian of your children. This is the best way to ensure this responsibility is not awarded to a person you don’t want to bring up your children.
3. Long and expensive probate can be avoided
When you write a will it can act to speed up probate processes and let the court know how you’d like your estate handled. Probate courts provide a way of ‘managing your estate’ when you pass away without a Will (sometimes referred to as dying ‘intestate’), the judicial system will decide on how your estate will be divided without you having had your wishes carried out. This can also cause lengthy and needless delays.
4. Estate taxes can be avoided
A good reason to write a will is to minimize the taxes trusted to your estate. The total of what you leave to family, friends, or charity will bring down the value of your inheritance estate taxes are added.
5. Appoint executors when you write a will
A Will allows you to choose who organizes the details of the estate. Executors can ensure everything runs to your wishes and things are done correctly. This could be things like paying off any bills, closing accounts or credit cards, and notifying businesses abs banks.
Because executors play the most significant role in managing your inheritance, you’ll choose a person who you trust to make moral decisions, and it is entirely organized; it could be a family member or someone other than family.
6. Make a decision to disinherit individuals
It’s possible to disinherit people who would normally stand to receive the inheritance. Many people don’t know that you can choose to ensure someone is purposely left out of the Will.
It may be your choice to disinherit people who would typically be left part of your inheritance. Dying without a Will can risk this happening, so it’s wise to think about this aspect while planning your estate.
Wills detail exactly how your estate will be divided and distributed. If you don’t leave a Will, the inheritance may fall into the hands of a person you did not wish, for example, an ex-spouse with who you had a nasty split with.
7. Ensure the continuity of your legacy after your gone
Leaving gifts and donations is a popular way to leave a mark and show your interest or passions after your gone.
8. Negate any legal challenges
Dying when you do not write a Will means that some or the entirety of your estate can be left to a person you didn’t want to receive the inheritance. This has the potential for other families not to receive part of your estate.
9.You can change your Will if the need arises
Another overlooked point about Wills is that you can adjust it at any time while you’re alive. Situations often alter. Life-changing events, including deaths, a child being born, and family separation such as divorce, could change your mind about how your estate is organized and may lead to you adjusting your benefactors.
10. The Future is uncertain
The future can seem so far away, but it’s never too early to secure the future of your loved ones by arranging a Will online.
We don’t often think about wills until we are either reminded by other people misfortunes and loss, but it’s prudent to start thinking about it now
When you write a will you can ensure you’re not adding extra burden and stress onto people they are already experiencing a stressful and grief ridden time. Money worries can exacerbate the already tense period. You can mitigate these circumstances by ensuring that your loved ones are taken care of after your gone.
Don’t get taxed again after your gone
60% of the people in the USA have not got a Will prepared or thought about estate planning. Keep your wealth in the hands of people you care about.