What Is A Will?
It is a legal document with clear and laid out instructions on who is to inherit your possessions after you pass on. In addition to outlining how your estate/possessions are to be divided/inherited, a will can also include how you’d wish to be buried, who should take care of your children, and so forth. Although anyone can write their will, you can still seek the services of an expert will writer or lawyer for help, especially if dealing with a complicated estate. Although a will can help solve/prevent family disputes, more than 60% of people are yet to make their will. Should one however die without a will, only a court can divide your possessions according to the laws of the land. Letting this happen means your most beloved persons may lose out. If you’re located in Surrey, you can find a Surrey law firm to help you in preparing your will. Outlined below are some of the reasons and benefits of making a will.
1. To Name Your Children’s Guardian(s)
There is more to making a will than simply determining how your estate is to be divided; it allows you to choose who to look after your kids. This is especially important if your dependents aren’t of legal age yet. Appointing guardians for your kids thus means they will not be subjected to family courts or children welfare.
2. Set Up A Trust Fund For Your Children
Through a will, you can set plans in motion to ensure your kids are well provided for financially. You can start by creating plans to put a certain amount of money aside for their education, a set amount for their hobbies, clothing, etc., and enable them to buy a home. You could have the funds transferred to their accounts on your demise to top up the already set-up trust fund. A trust fund makes it easier to control how much the kids should receive and when to access the full amount. Although you may still establish the fund while alive, you can also leave clear instructions to establish it once you pass away. You might however want to involve a lawyer if you choose the second option.
3. Support All Your Dependents (Including Adopted or Step-Children)
Children, including step-children, make a part of your family and a big part of your life. Making a will ensures they too are included and get a fair share of your estate. This is important, considering the law only covers blood relatives and spouses. The will should, however, mention everyone for this to happen.
4. Protect Unmarried Partners
Although you may know this, only married partners can share your estate by law. Nevertheless, making a will stating otherwise, especially your partner (unmarried), makes for an exception. If you have been together for a long time and cherish him/her, you can then ensure they get a share of your estate should you pass on.
5. Protect Your Family Home
If you pass on, unmarried partners and step-children cannot inherit your estate (family home). Without a will, they may lose their home. Making a will indicating they should inherit the family home will help safeguard them from eventualities.
6. Prevent Family Disputes
Family disputes are quite common, especially where one had an estate or fortunes but didn’t leave a will behind. You can however spare your family and loved ones from such by carefully preparing your will. The will should comprehensively cover how your possessions are shared or handled in your absence. A well-laid out will will also reduce the chances of a family member contesting. The last thing you want is for your family to start fighting over your possessions or getting dragged to court. Such cases will only leave your dependents vulnerable and miserable.