Posted on: 24/02/2022 by: Kyle Phillips in: SMEs, Startups
When a loved one passes, emotions and tensions can be high and we’ve all heard the dreaded dispute stories.. Today I will be discussing the importance of writing a will. Nobody likes thinking about death but it is an everyday reality, and having your inheritance sorted out and pursuing an all-round feeling of fairness between family members can have a big impact on loved one’s lives. Making a will ensures that your affairs are all dealt with and there are many places and well trained people who can help with the process.
What is a will?
A will is a legal document that states your wishes regarding what happens with your estate which means; your money, property, and all of your other assets. After death occurs the will gets looked through and then all that is to be shared is accumulated and given out accordingly.
If death occurs and there is no will, which is known as a dying intestate, the money, property, and possessions would fall under the rules of intestacy which leaves possibilities of them going to someone you didn’t want to or on another hand they could end up being liquidated and lost before given to loved ones. Dying without a won’t just affect your heirlooms being distributed, it can also have a number of quite serious implications.
What are the benefits of having a will?
Writing a will can give you peace of mind surrounding the protection of your loved ones. Before even considering the value of your assets, it is very important to count for the people you are responsible for which can be known as your dependents. If you have children and they are under the age of sixteen then it is important that you list in your will your plans and desires for their living arrangements.
Passing on parental responsibility and guardianship can be arranged within your will. If your partner is still alive, in a marriage setting then the children would automatically stay with the other parent. But this could be bad in some situations. For example, if the death of a parent was to take place and the parents were divorced, the children could end up suddenly living with the other parent when the scenario might not be ideal.
Furthermore, if both parents were to die without a will in place the children could end up living with people you maybe don’t want them to. Having a will and clearly stating who you would want to take on the parental responsibility can really help in a tragic situation like that.
Avoids complicated situations
There are many examples of situations in which there is a need to state what would happen to your children if the death of a parent occurs, these include: you live unmarried with your partner who is not the child’s biological parent; you are separated from the child’s other parent; assuming your children will stay with your spouse but you die together; you do not wish your children to live with a certain family member, and so on. There are many aspects to think about when forming your will to cater to your needs and your families’.
Another benefit is being able to ensure the security of those you leave behind. Making sure your affairs are in order, making sure your plans for the family home and the income that serves your family’s day-to-day life is sorted to be dealt the right way. Not having a will with the rules of intestacy could mean that your family could get nothing and another family member could have it all, perhaps not with the best interests at heart. Make it as clear as possible in your will how you want your general finances and home divided between your family before any problems arise.
Peace of mind
There are many important reasons to have your will in place. You never know when some tragedy could occur, making sure your affairs are in order and having your family’s security in place can give you peace of mind, your family, and also your pets. Making sure your money and property goes where you want it to can save a lot of hassle for your loved ones after your passing.
If you have any questions about writing a will or want some advice then you can talk with one of the Business Butler experts by clicking
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