Key Reasons Why You Should Write a Will
Preparing for your death is a very healthy thing to do. By making the right preparations, you can protect your loved ones and ensure the money and assets you leave behind go to the people you love. In this article, we discuss several reasons you should make a will and how it can help your family once you’ve passed away.
If you’re not married
If you and your partner have never decided to get married, your partner won’t be entitled to any of your assets if you pass away and don’t have a will. Writing a will protects your partner and ensures they get their fair share of your estate, whatever you decide this should be. Your partner will be able to remain in your property if you live together without being told to move out by the beneficiaries that inherit your property if you don’t have a will.
Prevent family disputes
When there is no will, families can fall out about what should happen to the money and assets in your estate. Step-children won’t be eligible to inherit anything, which can cause major problems and fights between family members. People have been known to fall out with family members about smaller things permanently. If you want to keep the peace between your family members when you pass away, the best thing to do is create a will that is clear and kept in a safe location. Your family is likely to have fewer arguments if you’ve clearly set out who is entitled to inherit money from your estate.
Take care of your pets
Pets are very important, and many people consider them as key members of their family. If you want your pet to go to a specific person when you die, you can state this in your will. This will ensure your pet gets the best possible care. In addition, you can leave money to help take care of your pet; this can be useful for the person that takes on this responsibility. Vet bills can be very expensive, and leaving provisions can ensure your pet gets the best possible care.
Save money for your beneficiaries
If you don’t leave a will and you have a complex family tree, professionals might be required to ensure your estate gets distributed fairly. These professionals cost money which will be taken out of the money owed to your beneficiaries. In addition, other insurances might be needed, such as missing will insurance or missing beneficiary insurance, these extras all cost money which will reduce the amount that your beneficiaries get once everything has been paid off.
Leave money for a charity
Many people want to leave a donation in their will to charities that have helped them in the past. One of the easiest ways to do this is to include a donation to the charity as part of your will. This will ensure that the charity gets the money you want them to receive, and no one can contest this and take it for themselves. Many charities rely heavily on donations made by people as part of their will; it can help them continue with their vital effort to help those in need.
Decide who you want in charge
When you write a will, you can dictate who you want to leave in charge of dealing with all of your finances. This can help take the pressure off those not good at this form of administration and ensure things are done properly by the best person you know. You can also ask the person or people you name as your executors in advance to ensure they’re happy to take on such a pivotal role when you pass away.
Writing a will is an important decision that can significantly impact your loved ones after you pass away. Some of the key reasons to write a will include protecting your partner, preventing family disputes, taking care of your pets, saving money for your beneficiaries, leaving a donation to charity, and deciding who you want in charge of your finances after you pass away. If you don’t have a will already, set up an appointment to create one, the process is quite simple, and it will ensure your affairs are in order once you pass.