Why is a will important?
It’s common for us to work for a living and our future. Most of us are working for our child’s college fund and maybe even their wedding. To make sure that your efforts aren’t wasted, you need to know why is a will is important.
With so many things to consider, creating a will can give you peace of mind. This helps you resolve situations that give you worries when you pass away.
These are the reasons why it’s beneficial to write a will. Read what we have below and learn more.
- Assigns the Legal Guardian
If you’re a parent writing a will, nominate a guardian for your children. Without a doubt the surviving parent gets legal custody of the child, but what if both parents die? Doing this ensures that your children get a reliable and responsible person to take care of them should something happen to both parents.
You can also do this for your pets if want them to go to someone you can trust. Choose the person that you know will care well for them when you’re gone.
- Saves Time, Money, and Stress
Why is a will important? It helps save time, money, and relieves the stress of your family after you die.
Most of the affairs happen after your funeral. Family members may quarrel about who gets what and why they should get it instead of the others. Writing a will settles this for them, and with the help of a reliable executor, it will be a streamlined process.
- Decides Who Inherits Your Properties
Writing a will helps you liquidate your assets and you get to decide who gets your belongings. With the help of a trusted and capable lawyer, the people of your choice will receive your assets.
In a situation where you don’t have a will, the estate can assign who gets your properties and assets. It’s decided through the closest relatives, spouse, or children. The selection may seem unfair and might insight disputes among the family members, though.
You can expect your family to disagree with your wishes to some extent. However, because you have written will, it lowers the family disputes by eliminating any guesswork.
- Wind-up Your Affairs
Your appointed executor, often a lawyer, will wind-up what you have left. They will pay your bills, close any accounts, and help with estate planning law. If you own any establishments, they will take care of that, following your will.
The executor plays an important part in administrating your estate. This is why, when writing your will, it’s important to choose a capable and trusted executor, too.
Know Why is A Will Important Today!
Why is a will important? It’s a way of supporting the people you leave behind and giving them peace of mind when you pass away. So, write your will and settle your affairs today!
Do you want to know more about property and asset management? Check out our other guide and learn more today!