Benefits of Writing a Will.
Death is inevitable and much worse it cannot be predicted. Therefore, to ensure that your wishes are completed when you are gone you should prepare a will. A will is a legal document drawn up by an individual that expresses how his/her property will be distributed upon his/her death. Since, you can predict your death, it is advisable that you keep updating your will. The changes in will are always made because of change of mind on those that you want to leave your wealth with or add a new property. Majority of people neglect the need of preparing a will help especially the young. Therefore, as long as you have wishes about how your property should be distributed you should write a will. In this article, I will mention some of the reasons why you should write a will.
The only way that you can prevent the conflicts that arise during sharing of property is by leaving a will. The conflicts can sometimes lead to lawsuits and in the end causes division in the family. A will will be used as the guide during the process. The government usually tax the process of wealth distribution if there is no will. The rate at which the government will tax your property is lower if you leave a will. A will will, therefore, bar the government from enjoying your wealth.
If you want to guarantee your kids will get to enjoy your wealth when you die you should write a will. The law only allows children to have full access to property after attaining 18 years. The law requires that you leave your property with someone else who will give up ownership once your children attain the set age. If you choose an honest and reliable individual, your children will be able to enjoy your property. If you would wish to appreciate a friend with a portion of your property upon your death then you should make sure that you include him/her in your wish list.
If you do not leave a will several people will file cases so that they can be given a share of your property. It is common to see several people making claims over a dead man’s property since there is no will. If you leave a will their succession claims will be dismissed in a court of law. Therefore, those that you do not want to enjoy your property will have zero chance. If you feel that the beneficiaries by default should not be given your wealth then you can only do so by writing a will.
A will will also be used to ensure that you continue supporting your extended family members. The only platform that you can inform your family that you own if through your will.