Perhaps, making a last Will and testament is one of the crucial things you can do for your family and yourself. They can protect your spouse, children, and your assets. In addition to that, a Will can exactly spell out how you would want things to be handled once you are no longer around.
Unfortunately, many people usually put off the idea of making their Will and testament until when it is too late. This means that when you die, your assets will be distributed according to the rules of intestacy. Sadly, these rules may not reflect how you would want your assets to be distributed.
If you are still not convinced why you should make your last Will, keep on reading this article as we give you incredible reasons that will prompt you to do so.
- It provides financial security for your loved ones
The best way you can ensure that your loved ones are adequately provided for when you are no longer around is by creating a Will. It will not only give you peace of mind, but your loved ones will also know the right steps have been taken care of to ensure that they are provided with the financial security they need.
This is particularly important for couples who aren’t legally married since their relationship won’t be recognized by the Intestacy Rules.
- You have a say on how your property will be distributed
Another great reason why you should create a Will is that you will be able to decide how your property should be distributed. Your last Will ensures that your property is divided according to your wish once you are not around. On the other hand, if you die without leaving a Will, there is no assurance that your desires will be fulfilled when it comes to your property distribution.
- To avoid inheritance disputes
It is pretty common to find family members fighting over property left by a loved one. These fights can be very nasty and costly. The best way to avoid such an embarrassing scenario is to make a last Will when you are still alive. This way, every beneficiary will know what they have been allocated, thus no need for an inheritance dispute.
- To minimize estate taxes
Another reason to have a last Will is to reduce your estate taxes. Of course, the value of what you give away to charity and family members can significantly help reduce the value of your estate when it is time to pay estate taxes. This can lead to significant savings.
- To avoid a lengthy probate process
Generally, all estates whether there is a Will or not, must go through the probate process. However, a Will can help expedite the probate process and inform the court how you want your estate to be distributed. When you die without leaving a Will, the court will have to decide how your estate is divided, and it can take a long period.