Having a will put together could be one of the most important decisions you ever make. You might think that they’re only for “old people” but, in actual fact, a will is something that every adult should consider having should the worst happen. If you want to be in control of what happens to your estate, your children, your pets, and everything you own when you’re gone, then it’s an absolute must.
There are numerous reasons why putting together a will with a legal firm, like The Law House, is an absolute necessity for anyone with anything of value that they may – unfortunately – suddenly leave behind.
- You Decide Who Acts as Executor for Your Estate
In the event that something terrible happened to you tomorrow, who would you prefer to take care of everything you leave behind? Appointing an executor means that someone you know and trust can oversee the handover of your material life to the people you care about most.
The standard practice (and law!) in most countries is that the state will decide what happens to your estate should something suddenly happen to you and no will is left behind. They will generally appoint someone to administrate this process, often (but not always) designating ownership of your belongings in the priority of: a living spouse, your children, parents, siblings, grandchildren, next of kin entitled, and then creditors.
To make sure that you know who is going to receive your property and care of your dependants, having a will is very important.
- You Can Decide Who Takes Care of Your Children and Pets
The sudden death of a parent would be traumatic enough for any child. However, their guardianship being decided after that by the legal system would be an equally troubling experience. Making a will is the only way to ensure that the right person is chosen to take care of them when you’re gone, as you will have the right to nominate a would-be guardian.
This is obviously a very personal decision, and requires a lot of time and thought. However, making sure that someone who you trust – and someone who you know is up to the task – is appointed guardianship of your children is one of the most important decisions any parent can make.
Obviously, most of us plan to leave our property and belongings to our children. However, there is a lot more that goes into this decision than you may currently be aware of; namely, deciding how property will be taken care of until they are old enough to manage it themselves, and appointing a property guardian to look after any property which may not be handed directly to anyone (for example, if it is to be sold or donated elsewhere).
Likewise, designating prospective ownership of your property with a will ensures that any gaps left in a Living Trust or other estate plan (for example, if you forget to add a property which you come to own after your Living Trust Plan is written up) will provide you with the peace of mind all of us deserve in life, knowing that the things we leave behind will all be passed on to the people we want to have them.
Hopefully, this blog has served as a useful introduction to the world of wills and why it’s important to have one. Taking some time to put one together is going to make the process of picking up the pieces when we’re gone as easy as it can be, and will benefit everyone who we leave behind according to our own personal wishes.