For any individual, writing a will isn’t the heartiest of tasks to do. Writing a will is, after all, acknowledging the inevitable reality of human death as well as planning for it. A will reminds us of the uncertainty of our lives, which is why many people avoid or keep postponing the task of writing their will. Not simply that, there are people who do not wish to write a will because they are not mentally prepared to relinquish the ownership of their property. There can be several other reasons for not writing a will, but in all cases, people usually don’t realise that writing their will is actually the smartest thing they could have ever done. Wouldn’t you want the peace of mind that after your demise, your loved ones will be taken care of?
What is a will?
In the simplest of terms, a will refers to a legal document that entails specifications regarding how your assets are to be distributed post your demise. It dictates your wishes about how your property should be divided and who would take your minor children if any. Wills are fluid documents, as they are not to be executed until after your death and can be changed or revised as per your wishes. The rules for making a will are fairly standard and not very difficult to follow. It should fulfil all the requirements of the laws decreed by government bodies, should be typed out or handwritten and should have the attestation of a certain number of witnesses who have no direct benefits from the will. If you happen to have any minor children, you will have to name a guardian for them in the will. Moreover, an executor has to be assigned who will shoulder the responsibility of managing and settling the execution of your will. In your will, you will also have to state the sources from where the estate taxes or any other pending taxes are to be procured. The will ends with your signature and the signature of the witnesses. Lastly, these witness attestations are validated by a notary public’s oath.
Ideally, every person, whether married or not, should have a will in place. The simple reason for this is to ensure your assets land in the right hands and your loved ones have a secure future. If you happen to pass away without making a will, there is no such certainty. Under usual cases, if one happens to die without a will and with no living relatives, his/her estate and belongings land with the government. These assets, otherwise, could have been used for a good cause or charity, if a will about the same had been written. There is not one but many reasons why you need to write your will right away, we have compiled the top 10 in this article.
To decide how you’d like your assets to be distributed: Family feuds for the property are not something unheard of. Day in and out, we hear of relatives and siblings arguing and fighting over the family estate. Having your will in place will help ensure your property and assets are not caught up in any such scuffle. You get to decide who receives what, how much will they receive and when they will receive it? Since a will is a legally-binding document, you can rest assured that post your demise, your estate and belongings will be distributed exactly as per your intended wishes.
To select a competent guardian for your minor children: Life and its uncertainty can never be predicted, especially if you have minor children to look after. Writing a will allows you to make an informed decision about who your children’s guardian should be. In the absence of a will, the government may choose any one of your relatives or a government-appointed guardian for your children. A will offers you the opportunity of deciding how you would want your children to be raised in your absence, until they come off age. You also get to decide that your children do not end up being raised by someone who you would have never, if you were alive, trusted with the safety of your children.
To avoid a lengthy and an expensive probate: The probate process entails long and expensive legal and financial proceedings wherein it is decided who among your kin should receive your estate and other belongings. These proceedings could stretch for a very long time if someone from your relatives decide to contest the will. Having a will in place helps expedite the probate process, as the court has clear guidelines on how your property is to be divided. Probate courts will administer your estate and other belongings as per the instructions mentioned in your will.
To reduce estate taxes: Though not many are aware, writing a will is one of the most crucial aspects of estate financial planning. People write wills seeking to reduce the amount of estate taxes and even inheritance taxes that their loved ones would have to pay. The price of the share that you choose to give away to your spouse, children, relatives or even charity will decrease the cost of your estate during the time of paying estate taxes.
To choose a responsible executor: In the process of making a will, the executor’s role is one of the most crucial, especially after the will has actually been implemented. Choosing a responsible executor from among the people you trust, is extremely important, as your chosen executor will have to ensure all your affairs are in order, including clearing pending bills, terminating your credit cards and informing banks and other establishments. Making your will allows you the freedom of selecting an honest,
trustworthy and competent executor who you believe enough to not swindle your money or cheat your loved ones. It is always advised to not appoint an immediate family member or relative as the executor of your will.
