Importance of Leaving a Will.
All humans are mortal and have no power to provide the time of their death. Therefore, to ensure that your wishes are completed when you are gone you should prepare a will. A will is a written legal document that is legally drafted with all your wishes after death. The will should be updated on a regular basis until when you die. The changes in will are always made because of change of mind on those that you want to leave your wealth with or add a new property. Majority of people neglect the need of preparing a will help especially the young. If you leave a will, the process of distributing your wealth will proceed faster and smoothly. The article herein highlight some of the importance of drafting a will.
The only way that you can prevent the conflicts that arise during sharing of property is by leaving a will. The conflicts can sometimes lead to lawsuits and in the end causes division in the family. Therefore, if you have a will, the distribution of wealth will be done peacefully. The government usually tax the process of wealth distribution if there is no will. The tax are always more if you die without leaving a will. To avoid losing a big fraction of your property to the government then you should
A will is also is the only way that you can protect the future of your young children. Children below the age of 18 years are not allowed to have control of your wealth when you die. Therefore, the period until they attain 18years your property should be in the hands of a guardian. Therefore, you will be able to dictate the persons who will protect your wealth through your will. If you would wish to appreciate a friend with a portion of your property upon your death then you should make sure that you include him/her in your wish list.
A will will also bar individuals from making succession claims which the law allows. It is evident that the demise of a wealthy person is always followed by a series of succession claims. You can, therefore, prevent the claims by drafting a will. You property will also not end up in the hands of individuals that you never wished. You can also prevent handing over your property to other rightful beneficiaries if you feel that they should not.
The other family members will also get the chance to enjoy your wealth. The only platform that you can inform your family that you own if through your will.