If you plan ahead and do it wisely, you can ensure a brighter future for the generations to come. Here, a will becomes an extraordinarily useful tool.
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No amount of meticulous planning can ever prepare us for the enigma of life and death. While we pat ourselves on the back for successfully foreseeing a sticky situation or lucrative outcome, one can’t simply run away from the cold, bitter truth. That is, the strings to the puppet show of life are feeble and never completely in our grasp.
Now, it may be anxiety-fueling to imagine a future where things go astray, but without a doubt, the reality check grants you a pragmatic lens to view and channel your assets. If you plan ahead and do it wisely, you can ensure a brighter future for the generations to come. Here, a will becomes an extraordinarily useful tool.
Being an official legal document, a will gives you control over your estate and to whom it will go. It also paves the way to an easy and comfortable life for your family in case of an unprecedented disability or demise. Jarring as it may seem to imagine a life cut short, a will is vital for everyone who seeks to leave only the best behind for their loved ones.
In addition, do you wish to spend your retirement days blissfully and tension-free? Knowing that your possessions are in the right hands? Then this article is for you. It articulates five reasons why drafting a will today will save you tomorrow's regret (and migraine).
1. Take charge of your assets and liabilities
Having your hard-earned money and prized possessions get into the wrong (and undeserving) hands should not be your end goal. The world is full of conniving people, waiting for your life clock to tick its last to gulp down the inheritance faster than a turkey in November.
A will, however, ensures that the people around you or related to you are legally bound to share your possessions strictly according to your wishes. You can be at ease, knowing that your money and property are safe and trustworthy with the people you want and choose.
A will doesn’t only include all the monetary benefits your family and friends will be awarded. Your unpaid debts, personal desires (such as a wish to be buried in a place you’re emotionally attached to), and business interests may also factor into it. The expansive nature of a will means that you can add to it to your heart’s content, provided that an attorney and executioner are there to oversee the process and ensure its smooth fulfillment.
If you don’t have a will, the court will be responsible for dividing what you’ve left behind. And it doesn’t come as a surprise that, more often than not, the process is long and draining on your grieving loved ones.
2. Leave your kids with a future to look forward to
Children are the little piece of us that we leave behind after passing away. Striving through life without the warm hand of a loving parent is challenging, especially for minors who are ill-prepared to shoulder adult responsibilities. For them to live life on their terms and fend off toxic guardians that may be allocated to them by the court, your will ensures the worst scenario doesn't come to fruition. It allows you to voice your preference for their guardians and is vital in the court's final decision.
For children who cannot manage their inheritance, a trustee can be allotted by you to do that for them so that they may grow up in a comfortable environment.
Moreover, custody battles can be downright brutal. Separated partners or other family members may wish to take custody of your children solely for their nefarious intentions. They might want to use your children as bait for your money and deprive them of their rightful inheritance. By offering clarification on these details, your will has a profound impact on your children's future.
3. Extinguish unnecessary conflict
Seemingly normal, happy families are reduced to being at each other’s throats for inheritance. As difficult as it might be for you to believe that it can happen to your family, where money is involved, nothing dire can ever be out of the question.
A poll in Orlando, Florida, revealed that 44% of attorneys, trust officers, and accountants out of 109 professionals believed that inheritance transfer was most threatened by family conflict, often devolving into tenacious court cases. These harm the family principles and create hatred and resentment amongst members.
To avoid this state and ensure that your words aren’t misconstrued to serve personal interests, a written legal document drafted with a legal advisor is best to extinguish unnecessary conflict.
4. Seems expensive and concrete? Not at all.
A will is one of the most flexible forms of asset division available. You can alter it as much as you want during your lifetime, especially during life-altering circumstances such as a divorce or being backstabbed by a “friend” or a business associate.
With cheaper options available, acknowledging the growing need to have conformity and discipline, you can remain well under your budget when drafting a will. A quick web search will display online services, from templates to one-on-one consultations. While others may be cost-effective, some are even free.
5. Think hard before drafting a will
While you may think that giving a person with special needs a larger chunk of your estate will benefit them, it could have the opposite, detrimental effect. A large inheritance could stop their allowances from government funds; hence it is important to carefully think about the best way to distribute your money and property, so those you care about can receive a just amount.
Maintain a harmonious relationship amongst your family, friends, and business associates by drafting a will that specifies what each will inherit. Don’t be a leading cause of spurring conflict over the estate, and ensure your loved ones lead a better, financially secure tomorrow.