Don`t Leave Your Family`s Future to Chance: The Importance of Having a
Will
Imagine you
have worked hard throughout your life for your family so that they can benefit
from your hard work, but due to not clarifying which part of your estate will
go to whom, there is a clash among your family members. Now, no one is
utilizing your estate because of legal disputes.
You never
want that, right? But how can you protect your family from these disputes in
your absence? There is a simple answer for the same, write a will.
What is a
will?
A will is a
legal document that indicates a clear direction to the beneficiaries of your
wealth`s ownership in the case of your demise. It includes how you want your
assets distributed and the methods used.
There are
mainly five reasons why you must have a will:
Avoid
disputes
Your sudden
demise might also leave your beneficiaries in shock and financial confusion. So
that no beneficiary gets unjustified assets, creating a will mentioning each
and every detail will help your beneficiaries save time, legal proceedings, a
clear sense of responsibility, and asset ownership.
Take care
of your minor children
Creating a
will helps you nominate guardians for your minor children who will take care of
them in the case of your unfortunate and sudden demise. A guardian will be
responsible for your children`s needs, like clothing, education, food, housing,
and healthcare. If you do not create a will and do not nominate a guardian for
your minor children, the court will have to do it for the same. This will take
a lot of time, and your children might get mentally and emotionally disturbed
if not given proper care.
Assets
management
After your
demise, someone must take care of your bank accounts, liquidate assets if
required, business-related operations (if you have one), and your real estate.
You should choose a person who is capable of handling all the financial
operations after your demise so that your loved ones can get the best out of
it. You need a person whom you can trust when it comes to finances.
If you do
not create a will directing a person you trust, the court will have to do so on
your behalf, and the person you like might not get selected or not be the right
person for the good of your loved ones.
Expensive
court process
As we all
know, court processes are time-consuming and expensive, and it might get tiring
for your family to get what you have built for them when you are alive in the
absence of a will. Due to long-lasting legal proceedings, your family might
become out of money and make wrong financial decisions. To prevent such a
situation, you must create a will.
Protect
your digital assets
In this
digital era, you also need to take care of your digital assets so that no one
can misuse the personal information contained therein. In the absence of a
will, the court will give liberty to the person to take care of digital assets
as well. Such a person might misuse your data for their own personal gain. If
you create a will, it will become much more helpful for you to protect your
personal and business-related information as well by directing a person to
utilize your digital assets in a particular way.
Maintain
healthy cause
Some of you
might dream of leaving some portion of your assets for a good cause or charity.
If you sincerely want to do something for society by contributing to charity,
it becomes necessary to create a will. If you do not have a will, no one would
know what you actually want to do with your estate. Even if someone knows, why
would they tell the court to do the same?
Creating a
will is a financial planning component; if you think it is only for rich people
to pursue, you might be wrong. Family disputes for even a small estate might
lead to cause long-lasting conflicts among family members.
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