Most of us work really hard to build our estate and protect it well. We want to enjoy the fruits of our labor at a later stage and give an opportunity for our dependents to do the same. In order to achieve this, it is vital to have a valid will.
Listed below are some advantages in having a will:
1. You can control who your estate will go to. Never got along with your siblings but have a great friend? Then you can control who gets what and divvy up your assets as you see fit. If you do not take advantage of this by writing a will, then in all likelihood, your family will more than likely inherit.
2. It is up to you to decide what percentage of your property goes to different beneficiaries. You may lay down certain terms and conditions to different beneficiaries as well. All your hard toil over the years really should benefit those people or charities that are closest to your heart.
3. You will also have an option of nominating an alternative beneficiary if the nominated person or party dies before inheriting your property or cannot inherit the property for other reasons. This is a great legal move as it will completely ensure that you are in control of your assets.
4. You can lay down conditions for beneficiaries if they want to enjoy or qualify for various benefits. One of the most common restrictions is to keep the assets away from the beneficiaries’ spouse in order to protect the beneficiary from matrimonial claims.
5. You can make sure that your estate planning tools are in accordance with your Will. Some common examples in this regard are the inter vivos trusts and anti-nuptial contracts. It could also include benefits outside your property like pension funds, life policies and retirement annuities.
6. You can also indicate who the executor of your Will is going to be. You are also free to determine what his/her power is going to be and should they need any security. This ensures that your estate is handled properly and with your best interests at heart (if you choose the right executor!)
7. Different protection mechanisms like estate duty savings can also be included when you write a Will.
8. There is also an option for you to select a guardian or a caretaker for your children. This option can be executed when they are still minor during the time of your death. This is one of the most important issues for many people. By using a will to state your preferences then you have the controlled the situation should a guardian need to be appointed. This would allow the children to live with a person that you would probably have discussed the issue with and allow you to choose who would be best for the job.
9. Different administrative processes can be speeded up if your Will is a well-crafted one. The possibility of reducing unnecessary conflicts and disputes can also be greatly lessened in having a Will.
All in all, a Will is considered an important legal document. In the absence of it your immediate dependents could suffer a lot but if you have the foresight to plan your Will, then you will be firmly in control of your assets!
For more information on making a will, click here.
Written by Elizabeth James who blogs for CPlaw.co.uk
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