People often think they donít need a will until they reach their golden years. No, a will is not just for those aged or with some terminal disease. The future is unpredictable, and you never know what will happen.
Even if you are young and healthy, having a will can safeguard your possessions and ensure the perfect future for your loved ones.
Are you still second-guessing making a will? Here are seven solid reasons why you need to have a will.
1. Ensures that Things Go According to Your Wishes
If a person dies without a will, their estates will get distributed according to the laws of the state they reside in. If your state's intestacy laws do not support your wishes, your assets will be distributed in ways you may not want.
A basic rule of intestate succession leaves most of a deceased person's estates to their registered domestic partners. Other successors only include biological and adopted children. Unless the deceased has neither, in only that case, their estate may go to distant blood relatives.
If you wish to leave estates to your parents or siblings, in case of untimely death, you won't be able to without a will. Unmarried partners, trusted friends, and essential charities will get nothing unless you make a will. A will ensures that your estate is divided according to your wishes.
2.Elect a Manager of Your Estate
Suppose you have estates or businesses that need to be taken care of. Letís say your spouse has no experience handling such assets, or your children are minors. What will happen if you pass away suddenly?
If a sibling or a trusted friend can and is willing to manage your estate, they wonít have the authority to do so unless that is mentioned in a last will and testament
If you make a will, you can select the right manager for your estate to manage all your assets well. You can also assign your estate manager as your after-death affairs manager to ensure everything from funeral to possession distribution happens smoothly.
3. Safeguards Your Possessions
Not having a will can be disastrous. It leaves your properties vulnerable to many things, including the government.
Donít want your possessions being taken away from the government, like what happened with the family of Yugoslavian leader Josip Broz Tito
? Then, you should definitely consider making a will.
If you have things like art collections or possess artifacts, these can easily get taken away by the government if you donít have heirs elected for such possession.
Letís say your grandfather has left you an antique Victrola with parts made of gold. You want to pass it on to your children, but the government would want such items to be put in the state museum.
If you donít make a will, these things can easily get taken by the government. Making a will ensures that family heirlooms stay within the family.
4. Helps Avoid Family Disputes
Family disputes and property lawsuits can make the most profound connections toxic. This can become a more significant issue when you have married more than once and multiple children from each marriage.
Disputes between step-family members regarding family are quite common. If you have remarried and wish to leave some assets to the children of your past marriages, you must consider making a will.
Your children might end up with nothing if you donít have a will dictating how you want your estates to be divided.
If you have a clear will that states how you want to distribute all you possess, you can ensure your family remains peaceful after your death. Even if some people are not happy with your decision, they have nothing to do but accept what your will states.
A significant aspect of having a will is that you can change it as often as you are alive. So, you can make changes according to your thoughts and circumstances.
5. Choose Guardians for Your Minor Children
A parentís untimely death can be disastrous for their children. Your child can end up orphaned and deprived of their rights if you donít make the right decisions for them while you still have time.
Making a will ensures that your child goes to the safest hands, chosen by you. You can assign a trusted guardian for your minor children in your will. This can be a huge help for them and a way you can safeguard their future, even if you are dead.
As a parent, it is your responsibility that your child has the right support after your death. A will can ensure your child has someone to care for them when you are not there.
6. Helps You Leave Your Digital Assets to Trusted Hands
Our life is quite virtual these days. Other than the usual possessions, we also have many digital assets. These digital assets will also need to be managed once you pass away.
If you donít assign a manager for your digital assets, someone might hack them and use them to commit crimes or put them to other malicious uses.
You can state who will take care of your digital assets in your will once you are gone. You can even leave them instructions on how they will manage your social media and other digital accounts after your death.
On your demise, this trusted individual will close the accounts or become in charge of them, especially if you have a public account that needs handling. For example, you might have an art page, which you can pass on to this person on the will.
7.Leave Instructions for Your Funeral
On your demise, someone will have to arrange your funeral. Loss can make your closest family members distraught. It can be quite trying to make them go through the hassle of the funeral arrangements.
You can select a person to handle your funeral affairs through your will. You can even ask your lawyer to hire people to do this. People often put in how they want their funeral to be in their will.
Some people have specific ways they want to be buried. Some people may not even want to get buried. If you have a specific wish like cremation or being buried at sea, you can even state those in your will. You can even choose to have a cool Norse funeral if you want!
We hope these seven solid reasons why you need to have a will, help you make the right decision. Since the future is unknown to us all, having a will is a safe and responsible thing to do. It will ensure your possessions are divided according to your wishes.
With a will, you can ensure that your minor children get the right guardians after your death. On your will, you can state your choices regarding your post-death affairs. So, get a will and ensure your estate is divided fairly.