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One of the most important decisions one needs to make in life is to decide what happens to their estate in the event they pass on.
Leaving things unclear and not providing direction on what those you leave behind should do with your estate may cause tremendous tensions between parties who would not ordinarily clash.
Writing a will is important, and it puts everything in place. It leaves your assets in the hands of those whom you trust. Below are a few reasons why it is important to have a will in place.
- Limit family disputes – A clear, well-written will can ensure that family arguments over your estate are avoided. In rare cases, the courts may allow a will to be contested, but there must be a reason to believe that the will is not valid; for example, if the person who wrote the will was not of sound mind or unduly influenced by a third party, shares Standard Bank a licensed financial services provider.
- Clearly state preferences – A will can outline how you would like certain assets to be used as well as indicate who will receive what from your estate. “For instance, you could leave your antique car to your son, stating clearly in your will that you’d like him to sell the car to pay for his education”. “However, such indications of preference are not legally binding in any way; yet do serve to make your loved ones aware of your final wishes,” says van Schalkwyk, head of corporate development at Standard Bank.
- Your wishes are documented – You may pass away when your beneficiaries are too young or immature to manage their inheritance. In such cases, a will can insist on the assets being placed in a trust that can either limit the beneficiaries’ access until they are of a certain age or distribute the money over a period of time. Such provisions can also be tailored to care for elderly relatives or those with special needs, shares the above-mentioned financial center.
Also see: 5 Ways to overcome procrastination
