30th December 2020
We all hear how uncertain life can be — and that saying applies to both the extraordinary and devastating surprises that may come along.
No one wants to think about life’s challenges or death, especially at a young age, but it is essential to think about what will happen when that day comes.
A will is a legal document that primarily answers a very important question:
What will happen to your belongings if you die?
We never know when we might pass away. So, it’s important to plan ahead so your estate goes to people you have chosen.
What Happens when you die?
If you do not make a will, your estate will be divided according to the law on intestacy.
If you leave a will, it allows you to choose your executors who will distribute your belongings according to your wishes.
Do you have Children?
If you have children under 18 when you die, you need to appoint guardians to look after them if you and the other parent are not around. I advise that two guardians be appointed in case one is unable to act for any reason.
What Happens to Your Possessions?
Your children, parents, friends, or pets can also benefit from your will if you specify what you want. We try our best to be in control of our future, and it’s important to also have control over who will organize your estate, your assets, dependents, pets, accounts, and property.
- Who will care for your pets?
- How will long-term care, such as pet food and veterinary care, be paid for?
- Who will inherit your assets — bank accounts, property, vehicles, etc?
- Who will inherit your belongings — furniture, clothes, etc?
No Friends or Family?
A will is important even if you don’t have direct beneficiaries. For example, if you have a favorite charitable organization, you can name that charity as your beneficiary. Inheritance Tax laws vary from country to country, but many taxes will generally be reduced if you leave 10% of your estate to a charitable cause, any inheritance tax that has to be paid is reduced from 40% to 36%.
Let Us Help
Making a will is not always the top of priorities when a person is thinking about school, travel, marriage — and all the wonderful things life has in store to offer.
Knowing that the unexpected can happen are all good reasons to write a will when you are in sound mind.