Three weeks ago, a couple of dog-bite lawyers, a doctor, an archeologist and myself – finance consultant – found ourselves discussing the most mundane topic –wills, and whether or not they were a good idea. While neither of us has a will written yet, the majority agreed it was a good idea and we would certainly work on having ours drafted. Someday. The archaeologist wasn’t having any of it, though.
So, why have your will drafted?
- We all Know our Eventuality
We are all going to die someday. Even though none of us hope to leave this world just yet, it is a possibility and we must deal with the aftermath, even though we won’t be here to watch it unfold. Have a few assets that you want to distribute to your loved ones as you wish? Then save them the hustle of dividing it all up by drafting a will well in advance.
A will also help you make plans for your funeral if you don’t want the burden passed to your relatives and family. In conjunction with an insurance company, you can set aside some cash or an insurance plan that will take care of everything.
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- Decide who Raises your Kids
Sad as it may sound, death separates children from their parents. In the event that you and your spouse were to meet your death in an untimely manner, it would help to have a clear idea on who you would like to raise them. In the absence of a will, the state decides who would be best suited to take the responsibility.
- A Shorter Probate Process
All estates must go through the probate process as it is the law, but estates with will go through a shorter process than their interstate counterparts. Upon death, the estate of the deceased is expected to pay a certain percentage in taxes to the federal government, but distributing your assets to living beneficiaries reduces the amount payable in taxes.
- You Decide Who Gets What
Being as your assets are at stake here – and you have worked hard for all of it, then you should have a say on who gets what. A will gives you the chance to distribute your assets fairly as you may wish. Failure to leave a will means the property can be distributed as the state deems fit which may not be the way you wanted it done.
You will never be Ready
Most people are never ready to draft a will as they do not expect to die as yet. Well, no one is ready to say goodbye yet, and no one is really ever ready. Still, it is safer to have it drafted than not have one at all. You don’t need lots of assets and money to draft a will at the moment and the document doesn’t have to remain the same all through. It changes as you evolve, and so the changes will be made with more acquisitions. When you are ready, have a professional help you draft your last will and testament for good measure.