If you want to arrange the distribution of your property after your death, the best way is to choose a legal form called a Will where you can specify each person and amount of assets that it will inherit from you. However, we can notice that more than 50% of people still avoid this form. You have to be aware that it might create various issues for your family related to the division of your property, and in most cases, it will require a legal process in court. Moreover, some people that were close to you might even don’t be eligible for any of your assets. For example, close friends or a partner in case you lived in an extramarital union.
The main issue with the legal process without a will is that it can last for a long time and there is a chance that some of the people who were close to you wouldn’t get satisfied with the court decision. In that matter, we suggest you contact a lawyer and ask for advice about writing the proper testament. The great advantage is that you can find an online form of Will, like many other documents. If you are interested in this option, visit simplylawtemplates.com. Furthermore, we are going to introduce you to some of the main reasons why you should consider writing a Will.
1. To Ensure Your Kids
If you have small children, the main reason for writing a testament is that you can determine who can take care of them until they reach a certain age, and how to operate with your property and funds. A lot of people don’t consider this option, but you should be aware that there is always a chance for some accident like a car crash, natural disaster, and more. Also, it is advisable for people who have certain chronic diseases and serious health issues. You will secure your kids they will be treated properly in case of your death.
2. It Will Be Easier for your Family and Friends
The Inheritance law might seem complicated to many people. Therefore, it is not a surprise that there are so many legal processes related to disagreements on the distribution of the inheritance. Some of them might last even for years, and there is always one side that is not satisfied with the final decision. Therefore, writing a testament where you can specify how you want to arrange your property to people around you will save them from dealing with any sort of legal processes and mess up the relations between them. You will help them to save a lot of money as well since lawyers and court costs require a lot of money.
3. Prepare Yourself on Time
If you are interested in writing a testament, but you think that it is too early to even think about that, you should know that it is much easier to deal with it now when you are in a good condition, than waiting until something bad happens. Also, we have to mention that you can always edit your final will, which means that you can add or exclude people from your testament over time.
4. Avoid the Intestacy
Another reason for choosing this option on time is in case that you are living in an unmarried union or you have some close friends that you want to add to your will. According to the law, the only way for them to get some part of your inheritance is if you choose this legal form. It is a common case that people choose to live in unofficial unions today, and this model can be crucial if you want them to get your property.
5. You Can Add Specific Details
The best example is related to people who want to leave some part of their assets to their grandchildren. You can choose to create a separate bank account and add some terms for them to become able to get that money. For instance, you can add a term where your grandkids must finish college or get married to get access to that account or any other sort of asset. On the other hand, the great advantage is that you will ensure that there won’t be any disagreements and ruined relations inside your family.
6. You Can Give Money to Charity
Even though that is a rare case, there were some situations where people have chosen not to provide their family with any of their money or property. The only way to do that is to write a testament and specify where you want your assets to end up. There were some interesting cases where people added their pets as main inheritors, but in most cases, people are choosing to live the money as a charity.
7. You Can Save Money
We already mentioned that the process can cost a lot of money, and writing a Will can save your family a lot of time. Also, the reason for asking a lawyer for advice is that you can find a way to reduce your taxes as well. Moreover, you can even hire a person who will be in charge of the proper distribution and fulfillment of your demands from the testament.
In most cases, people avoid thinking about this and look at it as something negative. However, there are many benefits of dealing with it on time. We already said that you can always change some parts of this document. Therefore, you can secure your kids, family, and partner. Furthermore, we have to mention that there is a possibility to leave your digital assets to other people as well. With the development of digital services, it is now very important to deal with this. In that matter, you can leave your online store, website, or e-wallet as part of your Will. However, be sure to have a special file with required passwords and security keys if you want the inheritors to continue with your online businesses or to take your cryptocurrency.