Death is not something anyone likes to think of, as non of us can stand the thought of losing our loved ones. Sadly, as uncomfortable as the topic of our loved ones leaving this earth, it is a topic that we ought to have.
It is one thing dealing with death, it is another having disagreements with family simply because the deceased has not left a Will in place to specify how he/she wants his assets to be shared. The media has fortunately introduced us to reality TV shows that aim to highlight social issues such as these, where at times families end up excluding the deceased children from their belongings.
If you’ve never considered having a Will and Testament in place to make things easy for your family, the following reasons on why you should have one by MDW Attorneys might help you decide.
- If you do not have a valid will in place when you die, your estate will simply devolve according to the intestate rules of succession, which can be both inflexible and impractical. You will have no control as to who will inherit from your estate, with the result that the wrong person(s) may receive a portion/benefit from your estate. There are also many rules and regulations that need to be adhered to, which may further delay the administration of your estate and run up unnecessary costs.
- By having your will drafted clearly and unambiguously, you will prevent a situation of heirs squabbling about who gets what. Disputes about the estate’s assets and debts frustrate and delay the administration process. In addition hereto, existing relationships between heirs may take a terrible, even permanent, blow.
- Should you pass away without a will and you leave minor children behind, their inheritance, in terms of the rules of intestate succession, must be paid into the Guardian’s Fund until they reach majority. A downside to this happening is that the interest rate on the investment may be low. A further difficulty is that, should you leave behind a valuable property, the surviving spouse and/or major children may be forced to sell the property in order to raise the necessary funds to be transferred into the Guardian’s Fund on the minor child’s behalf. This situation can easily be avoided by making provision for a testamentary trust in your will into which all assets inherited by a minor child will be transferred and kept until he/she reaches majority or an older age you may stipulate in your will.
- It is the only way in which you can ensure that your estate will be divided according to your wishes after your death.
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