If you’re relatively young and in good health, writing your will is probably one of last things you want to think about. Generally, writing a will isn’t the most pleasant of all tasks. However, creating a will is one of the most crucial things you can do for your loved ones.
It is vital to have a will in place, especially if you have young children. By putting your wishes on paper, it can greatly help to avoid unnecessary hassles in terms of assets and possessions distribution. This might explain why most adults do not have a will as they often overlook the importance of will writing.
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For a start, here’s 5 important things you should know about why you need a will.
#1 You decide how you want your assets to be distributed
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Basically, a will is simply a legal document that lets you determine how you would like your assets to be handled upon your death. A will can also serve to declare who you wish to become the guardian for any children or dependents, and who you want to receive specific items that you own.
If you die ***touch wood without a will, there is no guarantee that your intended desires will be carried out. Thus, having a will would help to protect and minimize any family fights or disagreements about who should receive those assets.
#2 You can name a guardian for your minor children
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Although many parents might overlook this point, we recognize that it is not easy to raise children, and even more difficult to think about the possibility that one day you may not be there.
By writing a will now, you can name a guardian and even include any specific instructions in writing to ensure that your children are raised the way you want them to.
#3 You can avoid a court-appointed administrator
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Your will allows you to legally name a personal representative (executor) who will ensure that the instructions in your will are carried out accordingly. If you don’t have a will or name a personal representative, the court will appoint one for you.
Not only that, the court administrator can potentially take as much as 10% of your asset value!
#4 Avoid lengthy probate process
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‘Probate’ is defined as a court-supervised process of gathering a deceased person’s assets and distributing them to creditors and inheritors (Adapted from www.nolo.com). Whereby, writing a will would help ease the probate process and make it much smoother than it would be if you died without a will.
Having a will can allow your loved ones to inherit the assets you intended for them to have. Just imagine, the lengthy court process could freeze and delay your asset distribution, and there’s no other way for your loved ones to speed up the process.
#5 Because today is not promised and tomorrow isn’t guaranteed
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Last but not least, this is by far one of the most important yet most overlooked point for having a will as sometimes the realization that wills are necessary might come too late, such as when an unexpected death or disability occurs. We understand that procrastination and unwillingness to accept death is part of the common reasons for not having a will.
Without a will, your assets distribution will be decided by a court-appointed administrator and it might add unnecessary stress on your family during an already emotional time.
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End of the day, it’s not about what you have but who you care for.
Hence, it may be wise to make an appointment with our estate planner from Rockwills Will Writing Service to help you draw up a basic will plan before it’s too late to be sorry.