In today’s world, Wills account to be one of the biggest assets that an individual could be gifted with. In fact, it is a boon to not only the individual but also for their loved ones. They are safeguarded with an additional net of financial security even in your absence.
When you search about the process of drafting a Will, you may realise that it is a tiring and time-consuming process. But, the fact is that this happens only if you seek assistance from sources that aren’t suitable or trained to help you.
In order to draft a Will, all you need to do is search for a good reliable company which can guide you well in this process. To make this procedure simple and more convenient for you, some companies offer you detailed guidelines on how to make a Will at home.
Experts from such companies can help you to correctly draft a Will based on your requirements. They also offer you free DIY kits so that you understand the Will properly and so that it constitutes of all valid specifications.
They also consider extreme conditions of yours (if any) and guide you accordingly.
Following are some fundamental reasons why an individual must invest in a Will-
To protect children
With the help of your Will, you can mention about the guardian of your kids and who should take care of them in case of your death. If you have minor kids mentioning a guardian becomes all the more important.
This is mainly because, if you do not have a proper Will with details about the guardian then the court is liable to decide who should take care of your kids. To gain further information on this you can search online or get in touch with a company so that they can guide you in the process.
Mention an executor
An executor is someone who can help you to wrap up your estate in case of your death. In other words, an executor is also known as personal representative. If you draft a Will, make it a point to mention an executor to take up this responsibility in your absence.
If you forget or miss-out on to mention an executor in your Will, the court has the right to appoint someone and carry the process further. To avoid this situation, it is suggested to mention a reliable person as your executor.
Who gets your belongings?
You do not want your property to turn into a haunted house or dumping ground after your death. In order to ensure that your house gets in good and right hands you need to mention about your belongings in your Will.
You can say it is wise to mention all your assets along with the name of the person whom you wish to give it post your demise. This way, your belongings will go in the right hands precisely to the ones whom you wanted to give it to.
In most Wills, individuals mention their spouse, children, parents or close relatives. Do not make the error of giving away all your belongings to one individual as this would increase the amount of tax levied on them.
Instead, distribute your belongings evenly amongst 3-4 close people you trust.
Property for your children
Death is an unavoidable incident which comes unannounced. This means you cannot predict your demise and have to be prepared for it. Taking into account this fact, you must protect your kids with a financial safety net that protects them even after your sudden death.
If you have adult kids you can directly transfer the property under their name. But, if you have minor kids then it is advisory to mention an adult who can manage your property until your kids grow into adults.
Some individuals hire property managers to do this task. You can always seek assistance from experts as they can show you the right direction based on your situation. Besides, there is no harm in taking additional estate planning consultancy as it would just lead you to a better financial status.
You have a backup
As much as you trust people around and your health it is always safe to have a back-up. A Will acts as a back-up for your loved ones as they won’t remain completely clueless with their lives in your absence.
You can show them the right direction through their Will. As it mentions everything right from whom the house belongs to who has to look after your pet, a Will can be the best parting gift to your family.
Apart from these, there are several other reasons to draft a Will but one must always keep check on the facts. And, accordingly, revise the Will if you feel the need to make certain changes or contact your old reliable for the same.