Why having a will is important
Imagine that you work hard for years and amass wealth which you plan to share with your family. But before you can do this you are involved in a fatal car accident. You die without having made clear plans for how your estate will be distributed. What happens?
The above example is a good example of why having a will is important.
If you don’t have a will in place when you pass away, you die “intestate.” The state will then create a will on your behalf according to the laws of the country. This means that your estate will be distributed according to the laws of succession.
Having a will means that you decide how your estate is distributed. It is a legal document that allows you to make clear what you want to happen to your estate once you are gone.
It’s important that the execution of your will does not depend on one person. You should ensure that you appoint an executor for your will and that you make use of qualified advisors or Trust companies.
It’s always good to have two witness signatures on each page of the document. Make sure that you sign the document and that you keep it in a safe place. Inform a trusted member of your family or a close friend where your will is placed.
You should also stick to percentages when allocating your fortune. This will avoid any confusion.
It’s also important to be specific with the details in your will. When you name beneficiaries, it’s important that you make sure that you use their full names and that you also give a short description.
Ultimately, having a will is important because it gives your family peace of mind when you have passed on and reduces the strain of having to deal with your estate.