Any talk about wills is often difficult. You’re speaking of your own death, and this may be one of the least pleasant topics that you will have to talk about. It is, however, very important that you do plan how your possessions and hard-earned wealth will be distributed to your loved ones, not only for your own sense of security, but for theirs as well. Here are a few reasons why you should have a will prepared in case the worst happens:
1) You get more control
By having a will in place, you can specify exactly which possessions will go to which people in your life. If something were to happen to you and you did not have a will in place, the alternative would be the court following rigid intestacy to divide up your belongings. What that means is that the court decides who gets what, not based on what anyone would want at all. If your loved ones should choose to contest this, they would only be able to do so at their own emotional and financial distress. You want to save them this trouble by allocating your possessions beforehand.
2) You can get clear on tax liabilities
By drafting a will before it’s too late, you are given enough time to think through any tax implications of your gifts for the receivers. If you can think about the tax implications brought about by provisions in your will, you can plan ahead – for example, if you were to leave your house to someone, its future sale might bring about capital gains tax.
3) Getting married or divorced
Getting married will void your current will. This is because your combined assets will be worth significantly more than just your own. It is therefore essential that you draft up a new will when you are going into a new marriage. Similarly, when you are getting divorced, or are in any similarly complicated situation, it’s best for you and those around you to draft a new will to clear up any uncertainties. You can organise how payments like spousal maintenance will work in an emergency with your solicitor or family lawyer.
Although you may be able to draft your own will on your own, for the sake of clarity and simplicity, it’s best to get a professional to help you out. I have seen far too many cases of people who have prepared their own wills, have given vague instructions, and have caused so much financial distress for their remaining loved ones who have had to dispute what they, by right, own. So seek the advice of a solicitor or family lawyer before it’s too late, because this might just be the most important document that you prepare in your life.
This was brought to you by Watts McCray.
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