Understanding the Importance of Writing a Will
Although you may not like to think about your demise, writing a will is something that everyone should consider, especially if you have any assets or dependents. Enabling you to have control over what happens to your property, money, and belongings when you die, the process of writing a will is a lot easier than you might think.
So, why is writing a will so important, and what happens if you don’t get one? Let’s take a closer look.
Why should you write a will?
As mentioned briefly above, writing a will gives you more control over what happens to your assets when you die. However, there is much more to the power of will writing than this.
For control over your estate
When you write a will, you can make sure your money and possessions are distributed according to your wishes.
Less stress for your next of kin
Having a will makes it a lot easier for your next of kin to handle your estate and make any arrangements.
To prevent arguments
When you lay out your wishes, it is less likely that your family will argue over who should get what.
To provide for your children
If you have children, writing a will allows you to make provisions for them as you can specify who you would like to become their guardian.
To make your funeral wishes clear
Within your will, you can include your preferences for your funeral, whether you want to be buried or cremated, and your choice of music.
To avoid intestacy rules
If you die and you don’t have a will, your estate will be divided according to set rules rather than your wishes.
To give to charity
If you want to leave any money to charity, you will need to include this in your will. It is also worth knowing that some organisations offer a charity will writing service that is free of charge.
To provide for your pets
If you have pets and you are worried about what will happen to them once you are gone, you can include provisions for them in your will.
What happens if you die and you don’t have a will?
If you die and you don’t have a will, your assets will become subject to intestacy laws. If you do not have any surviving relatives who can inherit under these laws, your estate will pass to the state.
One of the most notable disadvantages of this is that you will have no control over who gets your estate. For example, if you were married or in a civil partnership, nothing is guaranteed to be left to your children or grandchildren.
When is the best time to make a will?
Ideally, you should write your will as soon as possible, as this will give you peace of mind that your wishes will be granted when you die. However, many people decide to write a will when they hit key milestones in life, such as getting married, having children, or buying their first home.
Author Bio:
Tabatha Fabray is a freelance writer who specialises in finance, budgeting, and life planning. Tabatha is also passionate about supporting charitable organisations and is actively involved in her local community.
