Drawing up a will can be a tough thing to think about – not to mention the fact you might feel far too young to get started with the process. But if you have children, it is something you should consider doing so sooner rather than later. There are a variety of reasons why making a will, and we’re going to outline some of the most compelling with you today. Let’s take a closer look.
You get to choose
First thing’s first, if you don’t make a will, then you have no say on the fate of your family., The law will have to step in, and while we all trust the legal system to give the best outcomes, it doesn’t always get it right. To ensure that your wishes are fulfilled, you must make a will and make those wishes clear. Failure to do so will make sure that it is rules – not your preferences – that dictate what will happen to your family, property, and money.
It’s easy to forget until it’s too late
Of course, it’s difficult to contemplate your mortality, especially when you still feel relatively young and healthy. But, you should understand that life gets in the way of a lot of things – before you know it you could be retired, or suffering from an illness or condition. And, as Ronald Fletcher & Co. point out, elderly clients can often experience issues with wills and probate law. And the simple truth is that you never know what is going to happen an hour from now, let alone a few years. Don’t leave it until it is too late, and you can ensure that your children have precisely what they need when the inevitable happens. Not only will your will provide them with financial security, but you can also appoint guardians – and avoid disputes about your inheritance once you are not around.
Protect your kids
Your will acts as a safety net for your children and loved ones. Beneficiary designations, the creation of trusts, and even changes to property titles are all necessary to ensure your estate and will pass exactly as you wish it. It means that even when things slip through the cracks, your will ensures they are still in accordance with your desires.
Reduce ambiguity and argument
Make a robust will, and there will never be any disputes about it. While it would be nice to think your children and loved ones will accept your wishes, you just don’t know what things will be like further on down the line. There could be arguments, disputes, and massive problems if you don’t lay out your wishes within the legal framework of a will. Intestacy can cause a lot of issues within families, and the legal wranglings can take years to sort out. By making a clear and valid will, you are removing any opportunity for intestacy, and – probably – stopping the chance of family rifts developing.
Have you made a will yet? If not, why not? Let us know your thoughts about your worries about making a will in the comments section below!