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Don't Leave Your Family's Future to Chance: The Importance of Having a Will

  April 24,2023

Don't Leave Your Family's Future to Chance: The Importance of Having a Will

Imagine you have worked hard throughout your life for your family so that they can benefit from your hard work, but due to not clarifying which part of your estate will go to whom, there is a clash among your family members. Now, no one is utilizing your estate because of legal disputes.

You never want that, right? But how can you protect your family from these disputes in your absence? There is a simple answer for the same, write a will.

What is a will?

A will is a legal document that indicates a clear direction to the beneficiaries of your wealth's ownership in the case of your demise. It includes how you want your assets distributed and the methods used.

There are mainly five reasons why you must have a will:

Avoid disputes

Your sudden demise might also leave your beneficiaries in shock and financial confusion. So that no beneficiary gets unjustified assets, creating a will mentioning each and every detail will help your beneficiaries save time, legal proceedings, a clear sense of responsibility, and asset ownership.

Take care of your minor children

Creating a will helps you nominate guardians for your minor children who will take care of them in the case of your unfortunate and sudden demise. A guardian will be responsible for your children's needs, like clothing, education, food, housing, and healthcare. If you do not create a will and do not nominate a guardian for your minor children, the court will have to do it for the same. This will take a lot of time, and your children might get mentally and emotionally disturbed if not given proper care.

Assets management

After your demise, someone must take care of your bank accounts, liquidate assets if required, business-related operations (if you have one), and your real estate. You should choose a person who is capable of handling all the financial operations after your demise so that your loved ones can get the best out of it. You need a person whom you can trust when it comes to finances.

If you do not create a will directing a person you trust, the court will have to do so on your behalf, and the person you like might not get selected or not be the right person for the good of your loved ones.

Expensive court process

As we all know, court processes are time-consuming and expensive, and it might get tiring for your family to get what you have built for them when you are alive in the absence of a will. Due to long-lasting legal proceedings, your family might become out of money and make wrong financial decisions. To prevent such a situation, you must create a will.

Protect your digital assets

In this digital era, you also need to take care of your digital assets so that no one can misuse the personal information contained therein. In the absence of a will, the court will give liberty to the person to take care of digital assets as well. Such a person might misuse your data for their own personal gain. If you create a will, it will become much more helpful for you to protect your personal and business-related information as well by directing a person to utilize your digital assets in a particular way.

Maintain healthy cause

Some of you might dream of leaving some portion of your assets for a good cause or charity. If you sincerely want to do something for society by contributing to charity, it becomes necessary to create a will. If you do not have a will, no one would know what you actually want to do with your estate. Even if someone knows, why would they tell the court to do the same?

Creating a will is a financial planning component; if you think it is only for rich people to pursue, you might be wrong. Family disputes for even a small estate might lead to cause long-lasting conflicts among family members.