Every day, you struggle to keep food on the table and a roof above your head. Pay every penny in tax, and you try to leave enough in the pot so you can indulge in the things you enjoy. What is the point of letting the government decide what happens to your money when you die? Doesn’t that seem unfair to you? If you do not have a will, the court will make essential decisions for you. It is not up to you who inherits your home and other assets. Having no intention can make your loved ones’ lives more difficult after passing away. Writing a will provides peace of mind.
Wills Bring Peace Of Mind And Comfort
Think about this tragic scenario. While driving home from dinner, you and your partner are involved in a fatal car accident. How will the children be taken care of and their inheritance distributed? Suppose the worst happens. You and your children die in the same disaster. How will the estate be managed, and who will inherit it? In a will, the most critical decisions are spelt out in writing and legally binding on those left behind. Most people don’t create or update their will because they believe their loved ones will automatically inherit. Unfortunately, that is not always the case. Your heirs may have to endure a lengthy and expensive probate process. It will also only address your current situation. Over time, as your needs and the people around you change, you should update them.
If you make a will, you can provide your loved ones with a map to follow and help them take care of their affairs after you pass away. It is one of the most important reasons to have a will, as it gives many people peace of mind. Wills are now easier to make than ever before. As a result, you don’t need an attorney to prepare your choice unless you have a large or complicated estate, tense family dynamics, or feel that you need professional advice.
Risks Associated With Not Having a Will
If you are among those majority, you might be putting your family at risk. If you don’t have a Will, you may encounter one (or more) of the following problems:
- There is a possibility that the ‘wrong’ people end up with your home.
- Disputes could wipe out your wealth.
- The possibility exists that you will be subject to further inheritance tax, with 40% of your estate and earnings going to the government.
There are risks associated with this subject, despite these risks. Many people find the idea of writing a Will difficult, and this is usually a task that gets left until the last minute. Isn’t it simply unnerving to think about or plan for one’s death?
Final Thought
Making an unambiguous will eases the burden on those left behind. The presence of choice lessens the chances of fighting bad feelings and saving significant amounts of money. Couples can write “reciprocal wills” to appoint each other as executors, treasuries, and sole beneficiaries; however, each individual must write their own will. A must be signed and witnessed according to law. The cost of hiring a lawyer to prepare your will is far less than the pitfalls and undesired results of attempting to design one yourself or not having one at all.
