Most people don’t give adequate priority to the preparation of a will. In truth, a will can offer real benefits to the individual and his family. Preparing a will enables you to think about the welfare of your family. A will spells out how your assets and wealth should be distributed after your demise.
Most people are reluctant about making a will because they get scared thinking about death. But like life insurance, a will helps you provide for your loved ones in the event of your demise. A will also enables you to donate to charities or organizations that you may be supporting. When preparing a will, ensure that you identify a person to execute it.
Platforms like www.willed.com.au make it easy and affordable for anyone to write a will. The platform is suitable for you irrespective of your financial status. If you’ve not made your will yet, here are five important reasons why you should prepare one and secure the future of your loved ones.
- It Keeps Your Children Protected
Keeping their children protected is the number one reason why many people prepare a will. If you have young children, a simple will enables you to designate a reliable person to act as a guardian should you pass away. If you fail to expressly name a guardian in your will, a court of law can make a decision on who should take care of your dependents. The court’s decision may or may not be as per your wishes. Also, you can create a trust for your children through your will. Doing this can guarantee their future financial security after you die.
- It Allows You to Divide Your Assets the Way You Want
The best way to ensure that your assets are divided exactly the way you want is to write a simple will. This gives you an opportunity to plan your estate by specifying which assets will be given to your family, friends, or charities. When writing a will, the focus of most people is the sentimental value they place on objects as opposed to their monetary value. When you prepare a will, you ensure everything you own goes to the people you want.
- It Reduces Family Wrangles
The loss of a loved is a traumatic event for any family. Family disputes about property are unlikely if a simple will clearly stipulates how the assets of the person are to be shared. Nonetheless, some families may still experience conflicts despite the presence of a will. However, having a will that specifies your wishes makes things much easier for your family in the event of your death.
As you write your will, make it simple and be very specific on how your assets should be divided. You should also specify the details of financial support and guardianship for your dependents and children in your absence. Doing so ensures there is no conflict and your family gets the protection you desire after your demise.
- It Reduces Taxes on Your Estate
A will enables you to distribute your estate to the people that matter to you the most. When your will is executed, the assets are legally transferred to the new owners. This reduces the value of your estate and subsequently the amount of tax that’ll be charged on them at the time of settlement.
- It Allows You to Express Your Burial Wishes
Though most people prefer not to think about their death and send off, writing a will enables you to reflect on these issues. You are free to think and document what you want your family to do with your body, including how you wish to be interred if you wish to be buried.
The other thing that you could specify in a simple will is whether you wish to donate your body organs. Also specify whether you wish to be buried or cremated and how your funeral arrangements should be made. This way, those you leave behind get to know your wishes. It’s worth noting that though these wishes are included in your will, they don’t bind your executors legally.
Last Word
A simple will can go a long way in protecting your family when you are not present to do so. It’s a way for you to determine who benefits from the wealth and assets you’ve worked for throughout your life. A simple will is a legal document and when you decide to put one together, you’ll need a legal mind to help draft it. You can use sites like willed.com.au to prepare one. Getting a credible law firm can help you ensure that your will meets all the legal requirements. If you still haven’t developed yours, find a credible law firm to help you prepare your will as a matter of priority.
I’m a 20-something stay-at-home mother and wife. I have an amazing husband, a beautiful daughter, two loving dogs, and a lazy cat. I wouldn’t change my life for anything! I love to read, listen to music, cook and blog!
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