Why Is Making A Will So Important?
In today’s time, a will is not something valuable to just people in their late years of life. Whether young or old, there is no telling whether we will live tomorrow or not. It is not a bad idea to be prepared with a will beforehand because it expresses your intentions about property distribution amongst your family, relatives, and friends effectively in a legal manner – all of which will come into effect after your passing. You will be the ‘testator’ as you are the one making the will, whereas the ones that are to inherit what you have left them will be regarded as the ‘legatees.’ You can also assign an ‘executor’ in your will who will be responsible for carrying out your wishes after your passing to avoid any conflict that may arise later on. Brampton Wills, Estates & Trust Lawyer can guide you through the whole process accordingly. Read on to find out all of the reasons why you should make your will right now.
Reasons to Make A Will
- It will help in reducing family conflicts: Here is a scenario for you: after your passing, since there is no sign of a will, the whole family is in despair because the property won’t be divided into equal parts. There is also a possibility that the assets won’t fall into the right hands since there is no legal document to defend it. Having a will not only resolves this conflict between your family members, but also helps in reducing the burden on them later on. This will only benefit you in the long run.
- There is no guarantee for life: There is no telling whether a person might see tomorrow or not, and that is why it is essential to take matters into your own hands in the present so future generations can heave a sigh of relief afterward. If not, their future is just filled with more struggles and many court visits to settle these matters.
- Avoiding the lengthy probate process: When you put off handling matters by yourself, it turns into a burden that falls on your family after you are gone. To avoid this and the probate processes, you should consider making a will right now. Of course, even after doing so, you will have to go through the processes, but it will speed things up and makes everything easier for your family.
- The assets are divided by your decisions: You are the one in control of all the property division; no one else is given this power. This means that you can assign parts of the assets to certain inheritors of yours and the remaining to others accordingly.
- Assets go to the rightful owners: Many people choose to hide their income sources to escape payment of taxes. There is a high chance that since these assets are hidden, they may go into someone else’s hands other than someone’s inheritors. By making a will, it will reveal the identity of the hidden assets and therefore allow the rightful owners of it, like the children and grandchildren, to inherit them to their names.
- Having your statement in writing: Just like there is no guarantee of life tomorrow, the same can be said for illnesses/diseases, and even more so with old age. Ailments such as dementia, memory loss, etc. can also keep you from speaking your mind to your family. In such cases, anybody can take advantage of the situation and alter your words. To avoid this, you can make your statement written in a will while you are healthy and in a good state of well-being by contacting our Brampton Wills, Estates & Trust Lawyer.
- Sharing income with charity: You can choose to continue the charity donations even after your passing with the help of a will. Even though your family may not wish to continue with them, you can always set aside some amount of money for these causes. You can even specify the period for which you would want this money to be credited to them. In the same way, you can set aside money for any business legacy that you wish to continue.
Am I Eligible To Make A Will?
There is no such limitation that only people from a certain age group are qualified to make a will. Wills can be made as long as a person does not count as a minor and knows full well about what they are getting involved with. In the same way, people with physical disabilities are as qualified to make wills as a healthy person. Married people, as well as the blind and deaf, can make wills of their own. Any person that has come of age and is of sound mind can participate in the process of making a will.
Can I Regard It As An Advance Care Directive?
No, you will only specify the place and the person you want your assets to go to after your passing. It is not to be confused with a ‘living will.’ A living will puts forth your choices about large scale life-saving measures to be taken once you are incapable of expressing them on your own accord. In the same way, documents like the ‘care proxy’ will allow you to assign someone to make these decisions for you.
What Will Happen If I Do Not Leave A Will Behind? Other than the disputes and uneven distribution of property and assets, it will cost your family a lot more than you can imagine. The inheritors will have to dish out large amounts of money for getting their hands on the necessary documents, such as succession certificates/letters of administration. This is to transfer the cash or titles, properties, etc. Eventually, a lot of trouble will be stirred up for your family. To avoid this, you can contact Brampton Wills, Estates & Trust Lawyer to draft a will per your requirements.