What Is A Will?
Wills are legal documents that people create that will set out the instructions on what needs to happen once they have passed away, and the beneficiaries that will inherit their estates.
It also includes the details of how you want your funeral to go, how your possessions should be distributed, along with other wishes such as who should take custody of your kids (if you have them).
You can choose to write your own will, but when your estate is complicated, or you need a bit of assistance, you can either hire an expert will writer or enlist the services of a professional solicitor.
Since around 60% of the population does not have wills, according to certain estimates. If you pass away without a will, your estate and all your money will then be distributed under very strict rules, which can mean that your family might lose out.
Good Reasons To Make A Will
- Make A Will So That You Can Name A Guardian For Your Children
When you write up a will, it is not only for deciding how you want your estate distributed. You also get to decide who should take over the role of looking after your children. If they are under the age of 18, they should be appointed legal guardians.
If you haven’t, this decision may be left to a family court, and they might choose someone that you would not agree with.
- Make Sure You Provide For Your Children Financially
In addition to stating who you would like to raise your kids, you can also make a plan that will ensure they are taken care of financially. This could include making sure there is money put aside for their studies or education, ensuring they receive set amounts every year for hobbies or clothes or establishing a “nest egg” so that they can purchase a home.
You may want to think about trust for your kids since this will give you more control over when they receive money, as well as what it will be used for.
Trusts can be set up in two ways. You can choose to establish one in your living years, or you can leave instructions for it to be set up once you have died. Refer to the guide that covers will trusts so that you can learn more about the different options, how each trust works and what they generally cost.
A memorandum of understanding is important because it allows all parties involved to clearly state their objectives and what they expect from one another. Drafting an (MOU) can help solve any disputes before each party enters into a legally binding contract or agreement.
- Provide For Your Dependents As Well As Your Stepchildren
You may have stepchildren that you consider your own, or they may be the only children in your life. The laws state that only blood relatives and spouses will automatically inherit when there isn’t a will.
If you plan to provide for relatives such as stepchildren, your will must include them. The same applies to foster children and any other dependents that are relying on you when it comes to financial support.
- Protect Your Partner If You Are Not Married
Unmarried partners won’t be entitled to your estate unless you have specifically stated this in the will, regardless of how many years you have been together.
When you write your will you can make sure your partner is taken care of.
- Safeguard Your Family’s Home
If your home is currently in your name, then your stepchildren and partner won’t automatically inherit the property when you have died, and you don’t have a will. This means that could lose the home that they live in.
You can state that they have rights to live on this property, or you can also choose to leave them shares in the property.
- Avoid Family Disputes
Dividing up estates can unfortunately result in arguments and fights among dependents when there isn’t a will, or you haven’t made your wishes clear.
A contested will can damage relationships in your family. It can also become costly when decisions associated with the estate are contested legally.
A will that is well-prepared can assist with avoiding such arguments or prevent making your death even more devastating for your list of survivors.