Reasons Why You Should Have A Will
If you die without having a will, it means that your assets will be divided up according to law or statute and not according to your wishes. All that you’ve worked for your entire life might not end up benefiting your loved ones if the law decides on dividing your assets. The sad aspect of it is that your loved ones might end up fighting for what rightfully belongs to them in the court of law, at times for ages. The chances are that they might lose the petition and end up with completely nothing – not a penny. Hence having a valid will is arguably one of the most important things to do for your loved ones. A will legally protect your assets, as well as dependents right to inherit your properties. It also clearly spells out how you would like your assets to be distributed after you have passed on. While people have varied reasons for having wills, here are the top most reasons why you should have a will in place.
A will clearly and categorically spells out how you wish your estate to be distributed. This document, however, has to prepared well before your death. A will is a document that’s legally-binding, and unless a dispute arises, it should be discharged as per the deceased instruction. Thus a will helps minimize family feuds and random legal battles.
Custody of minors
A will gives you an opportunity to spell out who will take care of both your minor children and dependents. Without a will, the fate of your loved ones lies with the court. Sadly, your minors might end up in an orphanage or with abusive relatives as the court deems fit. Your preferred choice might not even be given a chance to speak.
Avoid the lengthy and costly probate process
Whether there is or there isn’t a will, all estate must pass through the probate process. This is in stark Contrasts to what most people believe. Having a valid will in place speeds up the probate process. Probate courts are set up to administer the deceased estate. Dying without a will gives the probate court absolute authority of distributing your estate as it deems fit. Quite often, disputes and family feuds can painfully slow down the probate process. Kindly take note that a court’s decision might not reflect your wishes.
Having a will in place helps in distributing you wealthy according per your wish. Everyone will get what belongs to the rightful with a fight. You will be sure your family will be protected, and there won’t be in court disputing for what belongs to them.