In this day and era, having a will is almost a necessity for anyone. No one is invincible, and you might leave behind assets and properties worth millions of dollars. Who will take care of your wealth? Will your relatives divide it the way you intended?
There have been many cases where family members fight over wealth because the deceased did not write a will. You can avoid putting the harmony between your relatives in jeopardy by stating your wishes. By so doing, you will also be saving them a lengthy ordeal with legal institutions.
Luckily, the process of making a legally binding will is not complicated. This article aims to explain some of the reasons why a Will is one of the leading asset protection mechanisms.
Your Wishes are Prioritised Instead of State Rules
After you are deceased, those left behind – including the state – will decide the next steps. However, a legally-binding will put you in control despite not being physically present in the meetings. You get to choose those who will be the beneficiaries of your estate. The family members will have no option but to abide by whatever is stated in your will.
If you don’t have a will in place, problems may creep in. First, there is bound to be family fights with everyone trying to get a piece of your properties. The repercussions of this could be huge. Also, the probate court will be compelled to decide on what happens to your estate according to the state rules. You can put all the energy investing in your future, but without a will, someone else may make the decisions. In other words, there is no guarantee that your desires will be fulfilled at the end of it all.
You Can Elect Someone to Administer your Affairs
Trust is the most crucial aspect when it comes to your wealth. You can only give your powers to the person you believe is right for the job. If you don’t have a will in place, the state takes the wheel. It will appoint whoever they feel is best to handle your affairs through all the legal procedures. Usually, this could be one of your family members; but it doesn’t have to be!
While making your last will, you’ll choose someone to take your position when distributing the wealth. The person doesn’t have to be a family member; it could be a friend whom you trust. The work of the executor – as they are called – will be to make sure all the taxes and debts are settled. He or she will also guide your estate through all the necessary steps at the probate court.
Disinherit Those who would Otherwise Inherit your Property
Since time immemorial, most communities have had a similar tradition of inheritance. It has become a norm that when the father dies, either the son or the wife inherits the property. However, not everyone has those wishes, and this could be as a result of many possible issues. Lack of a will means that the wealth is automatically passed down to the son.
The wife might also take control if you are still legally married. The good news is that you can avoid this scenario by signing a will. This legally-binding document will ensure that your property falls in the right hands.
Makes it Easier to Divide The Wealth Owned By a Married Couple
In some countries, this is known as community property since you share ownership with your wife or husband. An example of such is a house bought while in marriage and then signed by both of you. In the same breath, any debts accrued while in marriage are equally divided between the couple.
So, what if one of you dies without a will? This is where the intestacy laws come into play. They will make whichever ruling they feel is the best under the circumstances. However, you can avoid this uncertainty by writing down your wishes on how the property should be divided. As such, none of the family members will be left unsatisfied since this is a legal document.
Have you written your will? If not, then you are risking the safety of your assets and properties. But that’s not the only thing at risk; your relatives might fight for the wealth upon your death. These are just some of the few reasons why it is essential to state your wishes before your demise.
Without a will, the probate court will be forced to make decisions based on the state rules. There is no guarantee that the results of this ruling will fulfill your desires. Your wealth might fall into the hands of the wrong people.