Considering the process that is involved in properly writing and constantly updating your will, you may be wondering if it is really necessary to have one in the first place. Many people tend to carefully organize their property and keep their loved ones involved and aware of all their transactions. This may make them skeptical of dealing with the whole process of having a will.
However, the importance of a will cannot be overemphasized. Wills not only serve as legal documents that protect your property, they also ensure that your spouse, children and property are handled in the manner that you specify.
Wills allow property owners to spell out detailed and specific procedures for what will happen after they have passed on.
Benefits of writing a will
You can give specific instructions on your property
A will allows you, as the property owner, to give specific instruction about how your estate will be divided among beneficiaries. You can be free to outline your wishes openly in your will and have procedures done as if you were still there.
If you happen to pass away without a will, your property will have to be distributed in a different way, and this may lead to complications and even family in-fighting.
Ensures the security of minors
If you have minor children (under the age of 18), a will is an important channel you can use to specify how you would like your children to be taken care of. You can specify how your estate will be distributed to your children, and who will be designated to care for them until they're adults.
Without a will, the court may end up having to resolve issues surrounding the care of your children.
Faster distribution of your property to beneficiaries
Because wills are legally binding documents, they make the distribution of your property to beneficiaries occur faster. This is because you will have already specified how you want the property to be handled after you pass on. In the absence of a will, a lengthy legal proceeding typically has to take place to determine these issues.
Do everything in accordance with the law
In order to make your will legally binding, it will need to be written in close consultation with a lawyer. This ensures that all your wishes are carried out in close compliance with the law, and that what you specify in the will is actually legally binding.Share
18 December 2017
Hello, my name is Jenny and this is my probate law blog. I should say now, I am not a lawyer and I have not had any professional legal training. However, I do know a thing or two about probate. I taught myself a lot after the death of my grandma. My grandma left a lot of money and property behind, but unfortunately, she didn't leave a will. This lead to several family members staking a claim on the inheritance. I instructed a lawyer to act on my mother's behalf to ensure that she was not cheated out of her share.