Law

9 Reasons Why We Should All Have A Last Will and Testament

Having a legal document that decides what happens to your estate after your demise is essential. A will and testament ensure your loved ones get what they deserve without any disputes. Most people avoid making a will but it can cost you a lot since life offers no certainty. Leaving the most important decisions of your life to a local court is a mistake you need to avoid. All your assets and property are at risk since you will have no say in any matter. Today, we will give you 9 reasons why you shouldn’t avoid having a last will and testament.

Source: Prosperity Law Associates

1. You Will Have Your Way With Everything

After your demise, the decision-making power will not go into anyone else’s hands. This means that all the property that you are willing to transfer in a particular person’s name will happen without any misconduct. Also, the last thing that you would want will be your little children ending up in the hands that you initially never wished they would go to. Having a will clearly put forth your decision on the concerned matter, thereby, making things flow much smoother. In matters like this, it is better to have your say before it’s too late.

You can Read more  about creating the right will and testament containing every relevant information.

2. Avoids Chaotic Situations Arising After Demise

If you pass away without a will, the decision-making process becomes more hectic. Your family will eventually be caught up in a mess where they have to fight against the decisions being taken.

Do you really want them to face trouble over your property while dealing with a huge loss? These decisions often take a long period of time, thereby making your family suffer a lot.

Whether you have a will or not, your estate will go through a probate process. But having one reduces the time along with the rightful division of your estate the way you would like without any interference of the court. Furthermore, you will get the benefit of the reduced estate tax.

Source: Thai Property Law

3. Choosing The Right Executor

After your demise, there is a specific person of your choice that handles all the affairs. This includes liquidating your assets, closing accounts, etc. All your digital accounts are also handled by this person. This includes your Facebook, Twitter, Instagram, email, etc. What happens to these accounts after your demise can be decided by you. Protecting your digital assets along with physical assets is essential.

An executor is a person that you deeply trust and thinks is right for the job. Without a will, the court eventually chooses the executor for you. What if the person that gets chosen isn’t right for you? Handling all the tasks coming forward is a responsible job that needs to go in the right hands. Think it through and choose the right executor and mention him in the will.

4. Think About Your Pet

Once you adopt a pet, it becomes a part of your family. After your sudden demise, it is of utmost importance for them to go in the right hands. In your will, you can clearly mention the friend or relative that you know will take good care of it. Apart from choosing the person, you can also leave the money that will only be used for taking care of them. After all, losing you will already be too much for your pet to deal with. It will never know why you didn’t return back. Any other form of suffering is something you need to avoid.

Source: Jewelry Keepsakes

5. Your Money Gets Invested In The Right Area

You never know if there is a particular person who has eyes on your money. After your demise, he gets the opportunity of somehow getting the money into his or her own pocket. If your sole purpose of all the accumulated money over the years is to invest in your children’s education then writing the same in your will is essential. On the other hand, if you plan on donating the same to the poor and needy then write the same. In case you do not do the same, you are only contributing towards the ulterior motives of people you think are innocent.

6. Your Estate Goes In The Right Hands

Do you really want to see your estate going into the hands of the relative you never liked? Having a will ensures you are free from any future family disputes that might arise. It clearly states the rightful owner of your estate after you. After all, you wouldn’t want your hard-earned property to go into the wrong hands.

Source: Hummingbird Lawyers LLP

7. Disinherit Individuals Through A Will

Let’s be honest, we all have or had connections with people that we don’t like anymore. Some of these people have the right of claiming property after your demise. A will ensures these individuals are kept away from all your hard work and invested time. You will clearly mention the division in the ratio that you prefer to people who deserve it. Most people are unaware of this really important advantage of having a will.

8. Make Changes Anytime You Want

Life is uncertain and so are the relationships that we share with people. Some unavoidable circumstances might require changes in your will. The best part is that you can change it at any given point in time.

Source: The Balance

9. The Final Verdict: Make Things Easier For Your Loved Ones

Running on the assumption that your loved ones will eventually get the share they deserve is a bad choice. They will often find themselves strolling around the court. Apart from a long period of time, it will also cost them a lot of money. By offering them clarity through a will, you will only make their lives easier. Stop unwanted people from taking advantage of the vulnerable situation your family will be in. By making a will and testament, you will only guide them through an easy path that you create now. Apart from that, having a will also offer you peace since you are the decision-maker.

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