Have you ever thought about what will happen to your house, savings and/or car should you pass away? If you do not have a last will and testament in place at the time of your passing, the state will decide what happens to your assets. Let’s look at the benefits of having a will and testament.
You have worked hard to earn what you have your whole life, shouldn’t you have a say in how it will be distributed should you pass away? Any adult, even without a family, can benefit from having a last will and testament. Without a will, your wishes will be completely irrelevant, and the state will administer your possessions. Anything that you may wish to give to a friend or family member upon your death will instead be sold at auction. In order to ensure that your possessions, assets and/or estate is handled according to your wishes, and that your money is given to the person/s of your choice, you must set up a will.
One of the biggest benefits of a will is the ability to name an executor for your estate. A will still has to go through probate. However, you can nominate a particular family member, loved one or other individual who will be responsible for managing your estate during probate and ensuring that your wishes are carried out correctly. In addition to this, you can also use your will to appoint a guardian for minors. In most cases the court will follow your wishes with regards to the guardian you name. This avoids the need for long court proceedings to determine a guardian for the children. This can also avoid the court appointing a custodian you would not have wanted.
While people generally think that only elderly people need a will, it is very advisable for all adults to set one up. It is particularly necessary for the parents of minors. Without a will, the government will decide who will be your children’s guardian. In order to have a say in who will care for your children – should you pass before they reach adulthood – you must draft a last will and testament to state all your wishes. You can nominate your spouse, an adult child, a family member or a friend to be their legal guardian, and/or to inherit your possessions.
If you want to have the final decision about how your estate and/or assets are distributed, a last will and testament is a very important document. Having a last will and testament is a very wise decision – and one that should involve the help of a qualified attorney.
