On Trusts: My Rationale Explained

Reasons Why You Should Write a Will.

No one is immune to death and cannot determine when it comes. Therefore, to ensure that your wishes are completed when you are gone you should prepare a will. A will is a written legal document that is legally drafted with all your wishes after death. It is wise to keep updating your will since you cannot predict when you will die. The changes in will are always made because of change of mind on those that you want to leave your wealth with or add a new property. Majority of young individuals do not like the idea of drafting a will. Therefore, as long as you have wishes about how your property should be distributed you should write a will. Therefore, in this article I will discuss some of the benefits of having a will.

To relieve your family of the stress and hassle during property distribution of wealth you should leave a will. Sometimes the process of wealth distribution can end up dividing your family after a series of court proceedings. Therefore, if you have a will, the distribution of wealth will be done peacefully. The government usually tax the process of wealth distribution if there is no will. The rate at which the government will tax your property is lower if you leave a will. Therefore, to relieve your beneficiaries of the tax burden, you should draft a will.

The only way that you can secure the future of your children is by writing a will. Children below the age of 18 years are not allowed to have control of your wealth when you die. The law requires that you leave your property with someone else who will give up ownership once your children attain the set age. Therefore, you will be able to dictate the persons who will protect your wealth through your will. The only way that you can also rewards some of your loyal friends is by including them in your will.

A will will also bar individuals from making succession claims which the law allows. It is evident that the demise of a wealthy person is always followed by a series of succession claims. You can, therefore, prevent the claims by drafting a will. 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. The only platform that you can inform your family that you own if through your will.

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