Top 4 Reasons To Have A Will
Generally, people spend years in accumulating all their assets, estate, wealth, and other assets. After spending a lifetime, working for the assets you own, it would only be fair to have a will to value and distribute your assets rightfully even after you are gone. Many people fail to realize the importance of writing a will while their alive. If you happen to die without a will, then the state takes over your estate and business. They are then redistributed based on the laws of the state. It is, therefore, necessary that you either write your will on your own or approach a law firm to do the job.
Here are 4 reasons why you ought to have will.
You get Clarity on your Estate Distribution
With regards to your assets, you might have preferences as to who should own what. When you write your will, you get to distribute and redistribute your assets the way you want. If you die without a will, there is no guarantee that your wealth will be distributed as per your desire. Clarity on distribution of your assets, will prevent the possibility of property-related family fights.
You Decide on the Guardian for your Minor Children
If you have dependent children, then you can choose a guardian for them. In your will, you can include the official caretaker for your children in case of death. But if you fail to do so, then in your absence the court will pick family members who could take on the responsibility of your children. Having a will ensures you get to appoint the person who you would want to raise your children as opposed to someone you wouldn’t prefer.
You Avoid Court Supervision
Writing a will gives clarity about your distribution of assets to everyone who matters. This includes your family members, the court and your law firm. It automatically reduces the need for a court supervision of your assets after you are gone.
You get to Protect your Business
Your business could be the most valuable asset you own. This is particularly true if you were at the forefront of building it from scratch. With the help of a will, you can decide who gets what percentage of ownership in your business. Just the way you can choose a guardian for your dependent children, you can choose the next scion who would own your business.
Lastly, it is important to have a will, because you do not know what the future holds. So, it’s best to sort out your estate planning while you can and make sure you financially secure your near and dear ones after you are gone.
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