Why Is Writing A Will Important?
Everyone should write a will, but a lot of the time, people don’t do it. It’s easy to see the reasons why this happens. Firstly, no one likes to think about their own death, and writing a will is all about their death as it details what happens to their assets when they pass away. Secondly, will writing seems complicated, and people tend to choose to put it off until another day – sometimes that other day just doesn’t come around. Of course, there are also the people who simply forget or don’t even realize it’s something they should do.
No matter what your reason for not writing a will might be, the fact is that there are many more reasons why you should do it. Read on to find out what they are so you can make a start on this all-important document. Once it’s done, you won’t (usually) have to think about it again.
It Helps Those Left Behind
You are not going to benefit from your will. This might sound harsh, but it’s true. However, the people you leave behind will benefit, and a will can make their grieving process easier. Consider your partner, for example. If you leave a will detailing exactly what assets will go to them, they won’t have to worry about losing their home (which may happen in some circumstances, especially if you are not married and there are children from a previous relationship, for example).
You can also be sure that, should something happen to you, your children will be taken care of. This might be financially or, because you can (and should) set out guardians in your will, physically as well. It could very well be both.
Plus, having a will means not having to deal with aletter of administration which means probate takes a lot longer to get through. When someone is already grieving, this can be an added strain that they simply don’t need.
It Gives You Choice
If you don’t leave a will, the courts will decide who receives what when it comes to your assets. The courts can also decide who takes care of your children. What you wanted won’t be taken into account because you haven’t made a will. Even if you told someone what you wanted, it can’t be actioned.
If you want to be able to choose where your assets go and what happens to your loved ones, including your pets, you need to write a will. Making a will, having it witnessed, and signing it – in other words, doing all the things you need to do to make the will legal – means that you can make all the choices you want to make, even down to what happens to your body after you pass away. It gives you control.
It's Less Expensive
When you make a will, you might have to pay an expert to ensure it is done right (although this is not necessary, it is often recommended as any minor issue could make the will invalid), but even this cost will be much less expensive than what would happen if you were to die intestate (that is, without a will).
When you do intestate, executors will be appointed by the court. They will have to be specially insured and may require a fee – this will depend on the situation. Not only is this potentially costly, but probate will be delayed if there is no will, meaning that your property and other assets could be tied up for years. Those left behind to whom you assumed your estate would go will have to wait for a much longer time, and this will be costly to them as well.
It Will Help Your Business
If you run your own business, what will happen to it if you die? Unless you have made provisions in your will as to who will run it or to instruct it to be sold, the business itself could start to run up many debts and cause a lot of problems for those who will eventually have to deal with it. Even if you wanted the business to stay in the family, but the time probate is handled, it might be too late and the business could be too far gone to save.
If you write a will and note down exactly what needs to happen, everything can take place a lot more quickly, and that could make all the difference between your loved ones being able to run or sell your business or having to let it fail and be worthless.