A will, also known as a testament, is a legally bound document that expresses a person’s wishes regarding the distribution of their property and the care of any minor children. If one does not prepare a will, their wishes may not be carried out, and their loved ones may be forced to spend additional time, effort, and money to resolve affairs.
While each person’s situation varies, here a few reasons to have a will.
- You decide how your property will be distributed
The most common reason to have a will is to state how you want your property to be distributed. You can name people as beneficiaries for particular assets. In case you pass away without a will, the state law decides how your estate will be passed on, and there is a chance it does not carry your wishes out.
2. You can appoint a guardian for minor children
A will is not just for estate management, it also allows you to appoint a guardian if you have minor children. In case you pass away without doing so, the court will decide which family member or state-appointed guardian will look after them. To make sure that your children are not raised by someone you don’t want, make a will.
3. Save the time, money, and worry for your loved ones
Losing someone is hard, and at such times dealing with lawyers and other family members regarding such issues can cause more stress. The probate process also lengthens if the will is not prepared, causing more consumption of time and money from your loved ones.
4. Provide a caretaker for your pet
If you own a pet, you can appoint a trusted caretaker for your friend. Since that person will be taking care of your pet, you can leave them funds or assets for doing so. This is a wise thing to do, as you can make sure your furry friend gets a perfect home.
5. Make gifts and donations
Your assets and property not only have to go to your family. If you want, you can even make certain donations to charitable organizations. If you don’t have many friends or family, this is a beautiful way of giving back to the world.