Most people know they should have a will. Despite knowing this, the majority makes no steps to get one drawn up. If you’re one of these people and still need convincing, here are five essential reasons you should finally bite the bullet and get a will draw up.
There are no guarantees in life
Though you may be taking all the necessary steps to stay healthy and fit, unexpected death can happen to anyone at any time. As difficult as it may be to imagine, you could develop a terminal illness or get into an accident. Many people avoid getting a will written up because they find it challenging to grapple with their mortality.
The good news is chances are very slim that anything will happen to you in the near future. But just in case it does, don’t you want to be prepared?
Choose who will raise your children
In the case of an accident, both you and your spouse could lose your lives. If you have young children, this is reason enough alone to get started on your will today. Without a will, you won’t have any say who your children go to if you’re no longer around. Most parents have a noticeably clear idea about the lifestyle and values they want to teach their children; don’t you want your children to go to people who share these values?
Furthermore, while your children may go to your parents, raising children could be a burden to your elderly parents. If they pass away while your children are still growing up, it will mean more instability for your children. Who your children go to is particularly important? Take action now to give yourself peace of mind.
Choose your executor
By creating a will, you also get to choose the executor of your will. Executors are responsible for administering the estate of the person who has passed away. You may select an executor who you know and trust or prefer to employ a corporate executor. While picking someone you know comes with many advantages, keep in mind that being an executor is a lot of work. You’ll want to choose someone who ideally has the time to get your affairs sorted.
Ensure your estate is divided according to your wishes
Even if you don’t have a lot of money, you must specify which parts of your estate you will be dividing and where each piece will go. By gifting money to charity and family, you generally won’t have to pay taxes on it. Furthermore, if there’s someone who you think may automatically be a beneficiary, you can choose to write them out of your will. Estate division is complex, but qualified lawyers, such as those from Wyolaw Law Firm, can help you sort it all out.
Ease the burden for your loved ones
Finally, by having a will, you will reduce the burden on your loved ones. The last thing they need while processing their grief is fighting over who gets what and dealing with complex paperwork. At the end of the day, your will reduces the burden on them and gives you peace of mind that they’ll be looked after if you’re no longer around to provide for them.