A will is a legal document that a person forms in their life to demonstrate who will inherit their property, assets, or estate after their death. Your will speaks on your behalf after your death and facilitates the distribution of assets and wealth to anyone you have nominated.
If a person dies without leaving a will, their property is most often seized by the government and distributed according to different laws of different states and hardly to the ones he has wished to pass on during his life.
It also makes it a lot more difficult for the immediate heirs of the deceased person to inherit their assets and wealth if there is no formulated legal document – a will.
Before making a will, however, several factors are taken into consideration, such as appointing a legal guardian for your children if they are under 18, enlisting the cherished possessions that you want only a particular person to gain access to, specifying the portion of your estate that you wish to donate to a charity or a non-profit organization and appointing an executor (a person trusted by you to ensure legal distribution of your estate and wealth according to your will)
Nowadays, formulating a will is easy and more convenient. You can even compose an online will where companies hire professional advocates online to facilitate you in forming a will. It makes the process cost-efficient as well as time-saving.
Here are a few reasons why making a will is necessary.
1. Easy Distribution of Assets:
A legally formulated will makes it easier for the heirs of the deceased individual to inherit their share of the property without much hassle. Making a will saves your heirs from wasting their time and money in hiring attorneys to inherit their rights in the property after your demise. It also eradicates the risk of any possible dispute among your relatives over asset distribution. A will makes sure that your assets are distributed accordingly.
2. Decide Who Inherits your Assets and Property:
One of the foremost reasons for composing a will is to decide who will inherit your assets and property. When you make a will, you become a testator (a person who makes a testament for managing their property and assets after their death) and nominate as many beneficiaries (people who can benefit from those assets) as you want. Your executor will then distribute these assets when they handle your will.
Not only does a will lets you choose who gets to have a share in your assets, but it also determines who does not. There are many examples of children or spouses/exes being bitter towards an individual their whole life. The testator might not want to pass on any of their property to such seemingly legal beneficiaries. This is where a will helps you keep them away from your property and wealth.
3. Protect your children:
By formulating a will, you can appoint a legal guardian for your children in case your sudden demise and your child is still under 18. Although in the case of death of a single parent, custody of the child goes to the other parent, in case of death of both at the same time, the parents’ will then determines the guardianship for that child. A guardian will oversee your children’s daily requirements, such as food, shelter, health care, education, and clothes. And if you don’t name a guardian in your will, a court will have to do so. It implies that your children will be raised by someone you would not have picked for them.
4. Secure the Financial future of your Partner:
Many couples living without a legal marriage will face difficulties in claiming their share in the property of their deceased partner if there is no will in place. This might put them under a massive burden if they financially depended on their deceased partner. Furthermore, even if you and your partner were in a marital contract, your spouse would only inherit one-half of your estate and nothing else after your demise if no will testifies on your behalf to grant your partner access to more of your assets to secure their future. It is, therefore, necessary to formulate a will to let your partner benefit from your assets after your demise.
5. Protect your Pets:
Many people adopt pets and love and care for them as their children. However, they are worried about the treatment of their pets after their death. To ensure this, people make a will. A will ensures that your pet is taken care of with every basic necessity. Because pets are considered property under the law, you cannot leave any assets to your pet in your will. You can, however, name a beneficiary for your pet and leave them to a trustworthy friend or family member. You can appoint that person to be your pet’s caregiver or a guardian and leave them money to cover your pet’s expenses.
6. Minimize Estate Taxes:
Early on in the process of making a will, you have the chance to investigate several estate planning techniques to reduce your estate taxes. You can also look into strategies to lessen inheritance taxes that your loved ones may have to pay if they inherit property from your estate. This is especially advantageous if your estate is worth more than the federal estate tax exemption.
7. A Will can Always be Updated:
A will is not a no-change legal document, and alterations can be made at any point in your life. Often our circumstances change, and so do our decisions. If your will exempts or includes a beneficiary or estate that you wish to change, you always have the option to do so mostly without involving any legal proceedings.
Conclusion:
Concluding from all the above-mentioned points, it is clear why making a will is necessary to avoid conflict and considerable confusion. Not only does formulating a will saves you and your loved ones from many taxes, legal work, and money, but it also ensures easy and hassle-free distribution of your assets.
