Even if you have millions of dollars, it is really important that you should take charge of your legacy and consider will writing. Apparently, a will is indeed one of the most significant documents you will ever sign. A will is a form of a legal document which clearly states all your wishes which are to be implemented or executed when you pass away. When you have a will, you possess the comfort of knowing that all the earnings as well as rewards of your work throughout your life have been distributed fairly among your loved ones the way you wanted. While you are considering for writing a will, you will be required to appoint or hire an executor who will further oversee the entire process of distributing your complete estate fairly along the lines of your wishes.
The assets you wish to leave behind in your will generally carry both sentimental as well as financial value. In fact, you can even give account of any special item or thing which you want a particular friend or family member to acquire or inherit. As a general rule of thumb, a will empowers you to list individual assets and people. Therefore, this directly implies that you can easily allocate, without any hesitation, any form of inheritance to the children from your previous marriages or relationships, other friends or even charities and that too under the official legal tag. That being said, a will also provide for a provision in accordance with which you can non hesitantly remove any family members whom you do not wish to leave your estate or assets to or any other relevant form of inheritance. However, you must also know that the law provides protection for certain people who are directly dependent on you in every form and hence you cannot claim them of your disinheritance.
Taking Care of Your Loved Ones
A will may automatically be declared as invalid by the court of law if it is not witnessed or signed properly or if you take a divorce. Apart from this, you must also update the same whenever there is any kind of death, birth, divorces or marriages in the family. Will writing is a really important and yet a critical area. Therefore, you must avoid any sort of mistakes relating to the same and update the will in every five years at least or whenever there is any major change in the family.
If you die without a will or intestate, then all your assets would be automatically divided between all your family members equally. Also do not forget that during the time of the grief, getting the allocation of your estate done by the court of law can be a distressing as well as a lengthy process for your loved ones. In case you are divorced or separated from your partner and have children from your previous relationship, then the allocation of your assets and estate can become a more complicated job as some of the family members might get a priority over the other.
Having a will makes sure that even after your death, all your loved ones or family members retain and get the quality of life they had earlier. In fact, a will also ensures a financial security for all your loved ones since the distribution of your estate or assets are done in accordance with your wishes. Keeping all the above stated facts in view, it will not be wrong to conclude that will writing is actually a very important aspect of your life as far as the taking care of your loved ones after your death is concerned.
Paul Wilson is a legal executor who also holds an expertise in consultancy on challenging a will. He has also earlier written for several law related magazines and blogs.