People who take care of their families, build a legacy or have dependents need to think about what will happen after they are gone. This has nothing to do with their health or age, it is merely a step of precaution that will ensure that everything works out regardless of the situation. Most importantly, it is something that you can amend as many times as you feel the need to, should your family situation, relationships or asset list change. So, here are six reasons why writing a will is not just important but should also be mandatory.
1. Taking care of everything after you’re gone
A lot of people don’t fear death itself but the idea of leaving those they love behind. However, some of this fear can be mitigated by knowing that you’ve actually taken care of things after you’re gone. It’s not just about knowing that those you love will be situated. It’s also about preventing an instance where they get into a heated argument (possibly even with permanent damage to their relationships). Finally, it’s about sending one last damage. That you loved them so dearly that you actually took time and invested effort to make a will so that they are taken care of.
2. Assuming full responsibility
Of course, not a lot of people have a will before they are gone. They either overestimate their life span, believe this to be unnecessary or outright dread to even think about this potential (albeit inevitable) outcome. So, what happens if you do not make a will? Well, everything is shared in a standard way proscribed by the law. There are, however, two problems with this idea. First, it might not end up going the way you would want it to. Second, it is a coward’s way out. Instead of assuming full responsibility for what happens with your estate, you’re going to abandon it to a random chance out of fear or negligence.
3. Lower inheritance tax
Apart from all the ethical and moral reasons behind composing a will, there are quite a few strictly financial motivations. For instance, this way the inheritance tax can be significantly lowered. This means lowering expenses that your successors will have to deal with. In a way, this also means leaving more behind, which is also quite a big deal. Most importantly, you will simplify the entire bureaucratic procedure. This means saving time and money for everyone, which could potentially be interpreted as your final good deed.
4. Taking care of people outside of your immediate family
There is a chance that, during your lifetime, you’ve grown to care deeply for people you have no blood relation with. For instance, you may have a deep affection for the children of your best friends, cousins, or distant relations. The problem is that there is no way for the law to handle this properly. So, if you plan to take care of people outside of your immediate family after you’re gone, make sure to compose a will. Also, it might be best to consult a specialized wills lawyer in order to ensure that the will cannot be later disputed by those who are more closely related to you.
5. Taking care of the basic logistics
There are two questions that will is supposed to resolve. Due to this, there are two major issues that you will have to resolve. First, you need to determine who is going to inherit your assets. Second, you need to figure out who is going to ensure that your will is honoured. This person is called the executor. Keep in mind that your will may include some of your non-material wishes. For instance, you could instruct them on the proper burial ceremony and so on. In other words, it’s not a decision that should be made lightly.
6. Planning for the unexpected
The truth is that you won’t live forever. You may have decades ahead of you but, then again, an unfortunate turn of events is always a possibility. So, you need to plan for the unexpected. One thing you need to understand in order to avoid this pitfall is that you’re not “playing with fortune” or even “invoking bad omens” by making a will too early. It’s never too early for a will and a will once made can always be amended when the situation changes.
The very last thing you need to take into consideration is the fact that writing a will, although primarily your own responsibility, is not something that will affect just you. It’s about making sure that people you love are, at least partially, protected from the consequences of your death. Even if for no other reason, you should make a will in order to gain some peace of mind.