Do you have a last will and testament yet? If you’re reading these lines, chances are you don’t.
While making a will might sound gloomy, it is an important step to take in one’s life. This legal document determines what will happen to your estate after you pass on.
There are several key reasons why you need a will. In this article, we’ll review 5 of them. Read on!
Take Care of Your Children
While no one wants to think about the eventuality of leaving your children behind too early, making a will can put your mind at ease knowing they would be taken care of properly.
When writing a will, you can designate a guardian for your minor children. The surviving parent typically gets custody if one parent passes away. However, if both parents pass, the children need an adequate guardian.
A guardian will take care of all your children’s needs. If you don’t have a will, a court will appoint one for you, who might not be your preferred choice.
Who Will Manage Your Estate?
One of the most important reasons to make a will is to determine who will manage your estate.
As the “testator” who writes your will, you will nominate an “executor”. The executor is the person responsible for taking care of all your affairs.
It is an important function whose responsibilities include everything from liquidating assets to closing bank accounts. The executor should be someone you trust to carry out your wishes.
Again, if you don’t nominate an executor in your will, a court will decide for you.
Who Gets Your Property and Assets?
It is well known that making a will determines who will get your property and assets after your death.
When drafting your will, you name beneficiaries who will receive specific assets. Your executor will be in charge of distributing these assets according to your specifications.
You might also decide to make a will to ensure that certain people don’t receive anything.
In any case, a will is a very special document that holds your last requests. In order to respect its sacredness, custom printed will supplies keep it safe and dignified.
Save Your Loved Ones a Lot of Stress
When you don’t have a will, the legal process of distributing your assets can be exceedingly complicated. The court must name an executor to manage your estate, which is expensive and potentially contentious.
By having a will, you streamline the whole procedure and make your loved ones’ lives a lot easier.
Take Care of Your Pets
Another reason to make a will is to ensure that your beloved pets will be taken care of after you die.
According to the law, your pet is your property. So, while you can’t leave anything to your pet, you can nominate a beneficiary to take care of your pet. You can even leave that person money to provide for your pet.
Don’t Neglect Your Last Will and Testament
Due to the nature of the subject, it’s easy to postpone making a last will and testament. However, you’re doing yourself and your loved ones a disservice by doing so.
A will is essential to determine who will take care of your minor children, administer your estate, and receive your assets. Additionally, it saves your loved ones a lot of stress and ensures your pet will be in good hands.
Check out our Life articles for more life tips.