10 Reasons Why You Need to Make a WillSmart Will
10 Reasons Why You Need to Make a Will
Having a valid will is an essential part of being an adult of any age. There is no denying that we all eventually pass on at some point. However, as there is no guarantee that we will live into old age, a lot of people make a will early in life. Here are ten reasons why you should join the people who have a will, regardless of your age.
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Absolute Control over your assets and children
The most important reason to make a will is that you have complete control over what happens to your estate – all of your assets, your property, children and anything else you have can be dispensed as you see fit.
Prevent disputes between family
Without a will, you can cause family disagreements and the probate process to become ‘contentious’. When probate becomes contentious, this can take a very long time to finalise the administration process at a cost to the beneficiaries. The family may disagree over how your assets are dispersed or say that you promised them something informally. Writing a will makes this a more straightforward process for executors and beneficiaries at this sometimes stressful time.
Those people who make Wills find that family have far fewer costs and problems to deal with later. When you do pass on, and you’ve not had the will be sorted and authenticated, there may be problems. These are all issues that your family will naturally want to avoid.
Record Funeral Wishes/ Arrangements For Guardians
One of the best things about a will is that when you want to make arrangements for your funeral, you can list them in the will and they will be followed. It’s also a good time to nominate guardians for your children in the event that you pass away while they are still minors.
Protecting Vulnerable/Disabled People
When you’ve got someone in your life that counts on you, like a vulnerable individual, your will can help to protect them from losing out. See, a person who lacks capacity in the eyes of the law can not give a valid receipt saying that they’ve inherited or received your estate. Therefore, you’ve got to make sure that you protect them.
Getting Trusts Set Up
A lot of people set up a trust for their children or a vulnerable person when they know that they will soon pass on. It’s not the happiest of thoughts, but at the same time, you need to protect them. A will helps to ensure that no one tries to take that trust away.
Stopping Unwanted Results
Intestacy rules dictate who benefits from your estate and who does not in the event that you don’t have a will in place. This may not give you the results you were hoping for, which is why you need to create a will sooner rather than later.
People do challenge wills all the time. However, a will that is legitimate and authorised is less likely to be tampered with than a will which is not.
Preservation of Assets
When you make a will, you can preserve assets with more ease. Whether this is to assign certain assets to specific people or to stop someone getting everything, it’s a good way to protect your interests.
If you’re due to go into a care home before you die, then you’ll need to make sure that you’ve got a will in place to protect your assets, and ensure that not all of your estate is used to fund your care.