Wills are lawful papers that individuals produce, which specify the procedures that are to follow after their death, as well as the recipients who will succeed their properties.
The document also encompasses the particulars of your funeral arrangements, the allocation of possessions, as well as other preferences, such as the appointment of a legal guardian for your children (if applicable).
If you have a complex estate or require some assistance, you can opt to draft your own will or seek help from a skilled will writer or a professional solicitor. A solicitor can also help with other legal documents such as CAO family law.
As per certain approximations, about 60% of the populace doesn’t possess wills. If you pass away intestate, your estate and finances will be apportioned based on rigorous regulations, which could result in your loved ones missing out. This information seeks to inform knowledgeable readers in a neutral and general manner.
Below are some compelling arguments for creating a will.
Appointing a Guardian for Your Children
When composing a will, you are not solely determining how your assets will be distributed. You also have the power to designate someone to take on the responsibility of caring for your children. If your children are below 18 years old, it is recommended that you appoint legal guardians for them.
If you neglect to make a decision regarding this matter, a family court may make the decision for you, potentially appointing someone whom you do not approve of.
Provide for your Children Financially
Aside from designating a guardian for your children, it is also essential to prepare a financial plan that guarantees their well-being. This may involve setting aside funds for their educational needs, allocating a fixed amount for their extracurricular interests or clothing annually, or creating a reserve for them to purchase a property in the future.
If you are a parent, it may be helpful for you to consider introducing the concept of trust to your children. Doing so can provide you with increased oversight of when and how they receive money and what the funds should be used for.
Trusts can be formed during two different stages- your lifetime or after you pass away. For more information on the various options available, the workings of each trust, and their typical cost, consult the guide that provides details on will trusts.
Drafting a memorandum of understanding (MOU) is a crucial step to ensure that all parties involved have a clear understanding of their objectives and expectations from each other. By outlining the terms and conditions in an MOU, concerned parties can resolve any disputes before entering into a legally binding contract or agreement.
Providing for Dependant and Stepchildren
If you have stepchildren that are close to you or if you only have children in your life, it’s essential to know that based on the laws, without a will in place, only blood relatives and spouses have default inheritance rights.
If you have the intention of leaving property or money to your loved ones, including stepchildren, foster children, and any other dependents that rely on you financially, it is necessary to ensure that your will covers them.
How to Protect Your Partner If You’re Not Married
If you have not expressly stated in your will that your unmarried partners are entitled to your estate, they will not be entitled to it no matter how long you have been together.
When creating a will, it is possible to ensure that your partner is provided for after your passing.
Protect Your Household from Potential Hazards
In the event that your property is solely under your name, stepchildren, and partners are not automatically entitled to inherit the property upon your passing, especially if you do not have a will. Failing to have a will could lead to the unfortunate possibility of a loss of the home they currently reside in.
You have the option to acknowledge their right to reside on the premises or alternatively grant them a portion of the share in the property.
Prevent Family Disputes
In the event of an estate being divided without a will or proper communication of intentions, it is all too common for arguments and disagreements to arise amongst beneficiaries.
If there’s a dispute over a will, it has the potential to cause strains in familial relationships as well as lead to legal battles that can be expensive in regard to decisions regarding the estate.
Having a properly prepared will can help prevent conflicts and reduce the emotional distress that your loved ones may experience after your passing.