A will is a document that allows you to speak after you are dead, and one that gives instructions on how you would like your assets to be managed in your absence. It provides instructions such as how your properties will be distributed and who will take care of your underage children, i.e. those under 21 years. However, a study by Merril Lynch and Age found that 55% of all Americans are those who die without a will or estate plan.
When you die without a will in place, you leave the management of your assets in the hands of the courts who will apply the law in the distribution process. Your loved ones may stand to lose out on what you intended to be theirs because there is no guidance in the form of a will to state this. This is therefore a very important document to have in place and we look at a few reasons why.
Instruction for Your Burial Preferences
A will instructs your loved ones on how you would like to be buried. We all have a way in which we would like our bodies to be handled after we die. However, if this is not shared with our loved ones, it can cause conflict and confusion among those left behind. A will easily clarifies what the last wishes of the deceased were in that matter.
Who Inherits Your Wealth
This is a critical aspect of why a will is needed. It especially protects young children to ensure that your hard-earned wealth does not fall into the wrong hands to deny them what is rightfully theirs and that they are well provided for in your absence.
Determine Your Executor
A will allows you to select the person that you would like to be the executor of your wealth. This is especially so where there are properties and financial assets. You can select the person you trust to run your affairs and ensure that your wishes are carried out.
A will is not a nice document to have or a suggestion, but a critical part of your estate and future planning, especially when ensuring that your children and loved ones are protected even when you are gone. It reduces the level of disputes and conflicts as the instructions are clearly spelled out for everyone to understand and follow.