A testament, more commonly known as a will or last will is a legal document that is able to carry out your specific wishes after your death. Its significance is second to none but still according to a survey, “Two-thirds of all Americans don’t have a will”.
If you are one of those people who still don’t see why a will should be written, you’re on the right article at the right time. There are many reasons why one should have a will, when you die without a will your death will be claimed as an intestate death. This sort of death allows a probate court to deal with your assets however they deem fit, usually resulting in outcomes that aren’t what one would expect. An example of a bad outcome of a probate court handling an intestate death is the poor division of assets, which can cause problems in the deceased’s family.
Here are a few reasons why you should write a will:
- Getting your minor children taken care of:
As the survey showed that two-thirds of all Americans don’t have a will, this survey also reflects the situation over in Europe and other parts of the world. It’s usually people between the age of 30-50. If you are one of them and have started a family, you should know that you can use your will to protect your minor children by choosing a guardian for them.
The guardian you choose to look over your kids will be responsible for your children’s lifestyle. They will take care of your kid’s needs which include their housing, food, health care, and education. For people who don’t have a will and leave their minor children alone in the world, the court nominates a guardian themselves who might end up being the last person you want to look after your kids.
- Managing your estate:
A will not only dictates your terms when it comes to minor children, it handles your wishes regarding your estate as well. Many home-owners know how hard it is to build something from nothing and be able to call it home. A testator has the ability to hire an executor, who can wrap up all the affairs regarding your estate on your behalf if you pass away.
- Dividing your assets:
As many people already know, a will allows you to dictate who gets which property of yours. This property can range from your personal belongings to your financial assets. The person you state in your will, will get your items passed onto him after the will is reviewed by the court or a solicitor. When a lawyer handles your will, he’ll look over the credentials of the people you’ve put on your will and give them what you’ve left them.
Another reason why everyone should write a will is that a will can ensure that the people you don’t want receiving anything of yours, don’t receive anything. For example, some distant relatives you know nothing about or an ex-spouse might try getting some of your property after you have passed away, but excluding their name in the will allows the executor to keep your stuff from getting in the wrong hands.