A will also refer to as a testament is a legal document in which an individual stipulates how his or her estate will be shared at death. Many people fail to draw up wills because, at the time that they are alive, they never recognize how important the document can be. Ensuring that your loved ones are protected once you are gone is the best gift that you can give to them.
Here are five reasons to have a will
To avoid legal disputes within your family
Family infighting is a common occurrence especially in cases where a wealthy individual dies without leaving instructions on how the estate should be divided. The issue is even more pronounced where parents were divorced and started other families. Drawing up a will helps to avert a fallout within the household by stipulating how the property left behind should be shared.
Give to charities and foundations
There are those who would like to extend gifts or donations to different charities and organizations upon their demise, and a will can contain such instructions. Even in your absence, those left behind are legally obligated to ensure that this is done. It can be a way to cement your legacy by doing something great to be remembered by.
Appoint a custodian for your children
Most minors undergo serious psychological stress when they lose a parent. It is important that you choose a responsible and ideal guardian for them to provide a smooth transition from the life that they had become used to and to the new one. A will make it possible to pick the best person to raise your children after you are gone.
Select an executor
One of the most important reasons to have a will is so you can assign an executor of the instructions. The role of an administrator is critical in the enforcement of a will because he or she ensures that everything is done exactly as you had wished.
It’s your estate so you can decide who gets what and who comes off with nothing. You can work within the confines of the law to disinherit individuals who would otherwise stand to benefit from your estate in the absence of a will.
Other reasons to have a will
Some of the other reasons why individuals should write will include the need to minimize taxes charged on the estate, avoid an overdrawn probate process, and legally protect the family from people who would like to steal from them.