Getting Down To Basics with Estates
BySoftware— — Posted in
Importance of Leaving a Will.
No one is immune to death and cannot determine when it comes. Therefore, to ensure that your wishes are completed when you are gone you should prepare a will. A will is a document that is prepared by an attorney, and it contains all that you which to happen upon your death. It is wise to keep updating your will since you cannot predict when you will die. If you want to change your earlier wishes or include a newly acquired property, then you should consult with your lawyer. Majority of people neglect the need of preparing a will help especially the young. Therefore, as long as you have wishes about how your property should be distributed you should write a will. Therefore, in this article I will discuss some of the benefits of having a will.
A will is the solution to the conflicts that arise between family members during the distribution of wealth. The process usually end up creating a division between your family if they fail to agree. Therefore, if you have a will, the distribution of wealth will be done peacefully. Distribution of wealth of a deceased usually attracts taxation by the government. The tax are always more if you die without leaving a will. To avoid losing a big fraction of your property to the government then you should
A will is also is the only way that you can protect the future of your young children. The law only allows children to have full access to property after attaining 18 years. The law requires that you leave your property with someone else who will give up ownership once your children attain the set age. If you choose an honest and reliable individual, your children will be able to enjoy your property. The only way that you can also rewards some of your loyal friends is by including them in your will.
A will will also bar individuals from making succession claims which the law allows. Several people will make claims to be given your property if they realize that you did not leave a will. You can, therefore, prevent the claims by drafting a will. Therefore, those that you do not want to enjoy your property will have zero chance. You can also prevent handing over your property to other rightful beneficiaries if you feel that they should not.
A will will also be used to ensure that you continue supporting your extended family members. The only platform that you can inform your family that you own if through your will.