Wednesday, September 25, 2013

Why writing a will is important?


Its unfortunate how many people believe that writing awill is only for wealthy people. A will is the first step inestate planning; it makes clear how you want your property to be distributedafter you die.

Many people believe that if they don’t own a home or have alot of assets that there’s no reason to write a will. Furthermore, making awill is a considerable expensive and time consuming. Writing a will involveshiring an attorney and taking time out of your busy life to discuss your death.

I’ll write my will when I’m old.

So why bother? Wait until you get old or ill. That would be fine if you knew when and howyou are going to die, but you don’t. And,if you die without crafting a will, the law will decide how your assets aredistributed, not you. It is called intestacy; the state of affairs wheresomeone dies without leaving a will. You’ll leave your loved ones trying tohandle a difficult and lengthy legal process, while still grieving your loss. Havinga will in place makes the pain of your death much easier for those you leavebehind.

Writing a will is likecleaning your financial house

 If you write a will you are cleaning up your financial affairsand displaying consideration for the loved ones you will leave behind. And,since circumstances change over time, you should review your will every fiveyears to make any adjustments. Upondeath, a will legally protects and distributes property based on your wishes,and honors the needs of your family with as little estate tax as possible.

Another good reason why you should write a will is so you can make your own funeral arrangements and determine the costs. If you specify that part of your estate will be set aside to pay for your funeral, then your end of life wishes are known. Your family will not have to pay out of pocket and try to guess what your preferences would have been for funeral arrangements. Was your wish to be buried or cremated? Did you want a funeral services or memorial service? This simple act of writing a will can relieve your grieving family from making very difficult and costly choices.

After you write your will, make sure to register it so your relativeswon’t be on a scavenger hunt, searching for your will, possibly not finding it.


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