Many people put off, or completely neglect setting up a will, as it puts the thought of death at the forefront of the mind. Those people, are probably unaware of how vital the creation of a will becomes, in the unlikely event of their passing. A will has the ability to legally protect spouses, children, estates, and assets. Not only are there legal reasons supporting the creation of a will, but it also minimizes hassles for those handling a loved one’s departure.
First and foremost, it is important to understand exactly what a will is and its contents. There are several types of wills, including some created on personal levels (not usually legally recognized). The most common style called a Self-Proving or Testamentary Will is formally written and signed in front of witnesses. These wills mostly contain a division of assets, estates, and care of any dependants. In conjunction to these wills, Living Wills are sometimes composed, sharing more details regarding medical care desires. Using a lawyer as a means of constructing a will is highly recommended, especially in the event of conflict after someone passes, as legal wording is likely to specifically spell out any concerns.
One of the most important reasons a will exists is to lay out exactly who benefits from the assets and estates at large. The document contains as much or little detail desired by the composer, and by naming inheritors with exact amounts, will guarantee they receive everything they should. By not having a will, the state has authority to decide where assets are distributed based on gathered information from the living. In most cases, the state decides to split the assets evenly between spouses and children. That being said, if someone neglects to determine any desire to share assets with a charity, or additional friends of family, everything will likely remain in possession of the next-of-kin.
Another crucial aspect of a will is the inclusion of minors and their well-being upon a parent’s death. More times than not, when one parent passes away, the surviving one assumes sole custody. In the event of the death of both parents and no will, a court will ultimately have the decision of their future guardians. Having a discussion together, a couple can indefinitely choose their minors’ upbringing by including their designated guardians for their children in their will. Not knowing a family history, a judge may rule in favor of an unstable environment for the children, therefore, the presence of a will, clearly determines which family or friends shall continue supporting the children.
Though not pleasant to think about life going on after death, considering those whose lives will continue and giving them closure is essential. The creation of a will gives answers and assurance to loved ones that their lives and assets are going where the deceased wanted. Wills can often be changed, but the promise of tomorrow is always unknown. Having a will serves a greater purpose in contributing to the legacy of a life well-lived