News For This Month: Estates
BySoftware— — Posted in
Benefits of Writing a Will.
Death is inevitable and much worse it cannot be predicted. Hence, you should prepare a will if you have wishes and not wait until when you are on your dying bed. A will is a legal document drawn up by an individual that expresses how his/her property will be distributed upon his/her death. The will should be updated on a regular basis until when you die. The update should be done to accommodate your newly acquired property or to change your wishes. Majority of young individuals do not like the idea of drafting a will. The only way that you can give your family peace of mind during distribution of assets is by leaving a will. The article herein highlight some of the importance of drafting a will.
The only way that you can prevent the conflicts that arise during sharing of property is by leaving a will. The process usually end up creating a division between your family if they fail to agree. The will will ensure that the process goes smoothly and peacefully since it will be used as the guide. Distribution of wealth of a deceased usually attracts taxation by the government. The level of taxation depends on whether there is a will or not. To avoid losing a big fraction of your property to the government then you should
A will is also is the only way that you can protect the future of your young children. The law only allows children to have full access to property after attaining 18 years. Therefore, the period until they attain 18years your property should be in the hands of a guardian. If you choose an honest and reliable individual, your children will be able to enjoy your property. The only way that you can also rewards some of your loyal friends is by including them in your will.
Drafting a will will prevent your prevent your estate from being contested by several people. It is evident that the demise of a wealthy person is always followed by a series of succession claims. If you have a will, such cases will not be available. Unwanted people will have no chance of getting your wealth. To avoid leaving your property to your partner who happens to be the beneficiary by default you should write a will.
A will will also be used to ensure that you continue supporting your extended family members. Your hidden property can also be disclosed to your family members through your will.