Why Should I Have A Will?
Regardless of how much or how little money you have, a will ensures that whatever personal belongings and assets you do have will go to family or the beneficiaries you designate. Thinking about these questions can be quite overwhelming however it is important to have your Will created when you are capable.
Do you answer any of these questions as a “yes”:
- Do you care who manages your property if you die?
- Do you care who gets your money/property if you die?
- Do you care who is appointed the guardian of your minor children if you die?
If you die without a Will, those wishes may not be followed. Further, your heirs may be forced to spend additional time, money, and emotional energy to settle your affairs after you are gone.
Your Will is a statement of your wishes after your death.
- It ensures that your own wishes are all carried out as you want them. A will puts you in control. Who, What and How? You decide who will benefit from your estate and what they are entitled to and how your affairs will be administered after your death.
- It ensures that your children are taken care of by someone you trust. You can nominate someone to act as a guardian for your children.
- A properly drafted trust in your will enables someone to manage the inheritance you leave to a disabled or vulnerable person, and may ensure the intended beneficiary does not lose his/her means tested benefits.
- You can nominate someone to act as a caretaker for your pets.
- It is often quicker, cheaper, and less stressful to administer an estate where there is a will.
- It ensures that your executor is someone you choose to carry out all your wishes as you want them.
It’s always a wise choice to consult a lawyer to prepare your Will before the unthinkable happens. Reach out to Madaans LLP lawyers to help you create your Wills and Powers of Attorney.