We all know we are going to die someday. But rarely do we care about what happens to the wealth we earn working hard day and night. Some of us will have a definite choice to which the money or the property should go to, particularly in case the handover is outside the purview of law. This is the reason why we should have a will ready before death takes us by surprise. In this article we will try to clarify how and why a will can protect your family and wealth by ensuring it reaching the right persons. Here are some reasons that will make you not think, ‘Why do I need a will?’
What a will can do?
Many people end up not having a will till the last minute, and there are many reasons for it. Either they do not have time to get it made, or do not feel its necessary till the last stage of their life, or they cannot afford one. Most importantly, making a will entails a lot of emotional pain, therefore many people keep procrastinating. It happens only because they do not have the idea how a will gives control. Irrespective of the age, we all deal with unexpected things in life that are serious enough to expect a life-threating situation. With ever changing life style and environmental conditions, ever younger people are falling to diseases and sudden accidents like heart strokes. If a will is in place, it will enable the families to deal with the situation efficiently, sans confusion. In other words it gives you control on your wealth even after your death. It helps your grieving family too control the situation by taking the drama out of it, for the family members will start fighting over the property. It will give the power to choose the executor, the beneficiaries, and the individual allotments. With that, the close family members can be confident in dividing the property how you wanted. Doesn’t it sound like a perfect plan to have the power and be at peace?
Gifting is a choice
Making a will empowers you with gifting opportunities. Who gets what is all within your mandate. However, there is more to the story. For example, if you have money in the bank, you can leave the legacy, which is in need of it. Someone who wants to go to college or have medical emergencies would benefit more than someone who would simply spend the money on luxuries. Supporting charities would have been one of your wishes which you couldn’t achieve during your lifetime. A will can make it happen after your death. In case you do not want to leave your wealth to greedy family members, your money will find a good purpose with charity organizations.
Not all personal items are valued from their monetary value. Some have memories or emotions attached to them and so you might want them to be taken care of appropriately. Anyone from friends, relatives or close family members can be named to receive such items so that greedy people don’t siphon them off.