You probably don’t want to have to think about your will. It can be a bit melancholic, and even a little scary to contemplate your own mortality. The fact is, however, that mortality is an integral part of life. What matters is how you deal with the fact that you will one day die. How you deal with it can have a profound effect on the legacy you leave for posterity. Perhaps the most powerful way to deal with the inevitable is to prepare a last will and testament. Luckily, there are plenty of sites online where you can learn how to prepare one. It would be an important step in your life that would benefit you immensely. However, don’t take our word or it. Here are seven compelling reasons why you should prepare your last will and testament before tomorrow.
1. Your Wishes Will Be Carried Out
Chances are that you know exactly who you want to leave each of your most valuable possessions to in the event of your death. If you die without a will, however, there is no guarantee that these things will reach them.
The only way to ensure your estate is distributed in such a way that everyone gets what you would like them to get out of your possessions is to prepare a valid last will and testament. Apart from considerations for the rights of your spouse or civil partner and your children, a last will and testament is a legally binding document that will ensure everything gets to whoever is meant to have it.
2. It Is Important for Your Children Too
A common stereotype is that a last will and testament is only useful for dividing your property up among those you would like to inherit you. However, this misses the very important fact that a will can also allow you to make a decision about what happens to your children after you die.
When you write your will and testament, you can decide who to entrust your children and dependents to as their guardian when you die. If you have any particular guardians you prefer over others, then you had better mention it in your will so that your wishes are carried out. Make sure the guardian is someone who, at the very least, shares your values and will raise your children and dependents the way you would have raised them yourself. Also, inform them of this before you name them in your will to ensure they accept this huge responsibility. If you do not assign a guardian to your children and dependents, then they may well end up in foster care if left to the law to determine their destiny.
3. You Get to Decide the Fate of Your Body
Have you always wanted to be cremated? Have you always wanted to donate your body to science, so more knowledge on the workings of the human body can be acquired? Your last will and testament allows you to do his, especially if you’re averse to the idea of being buried 6 feet under. Even if you have no problem with being buried, you can set out instructions for special ceremonies and acts at your burial, including the planting of vegetation above your grave. You can also pick where you would like to be buried.
4. You Can Choose an Executor
If you have someone in mind that you would like to handle the distribution of your assets when you die, then you can name them in your last will and testament. They can be anyone, even one of the beneficiaries to your will. In the absence of a will, the state will appoint an executor for your estate, and it might not be someone you want. When appointing an executor, tell them about it and get their consent before you name them in your will. You can even have more than one, in case the first dies or changes their mind after your death.
5. It Saves Your Family Time and Money
A last will and testament will save you public trustee fees, offer you beneficial tax breaks, and many other advantages that your family wouldn’t enjoy if you died intestate. If you’re looking to leave them devoid of financial and bureaucratic stress, then a last will and testament is the best favour you can do them.
6. You Can Decide What Happens to Your Pets
You can decide where your cat or dog or any other pet goes after you die. Rather than have them end up in a shelter, you can pick a friend or family member to inherit them after your death.
7. You Can Ensure Your Partner Is Looked After
A last will and testament ensures that your partner is a beneficiary of your last will and testament, especially if you are unmarried or in a common-law relationship. If you fail to do this, everything you shared with your partner might end up in unintended hands.
This is an article provided by our partners network. It might not necessarily reflect the views or opinions of our editorial team and management.
Founder Dinis Guarda
IntelligentHQ Your New Business Network.
IntelligentHQ is a Business network and an expert source for finance, capital markets and intelligence for thousands of global business professionals, startups, and companies.
We exist at the point of intersection between technology, social media, finance and innovation.
IntelligentHQ leverages innovation and scale of social digital technology, analytics, news and distribution to create an unparalleled, full digital medium and social business network spectrum.
IntelligentHQ is working hard, to become a trusted, and indispensable source of business news and analytics, within financial services and its associated supply chains and ecosystems.