A will helps you set your affairs to prevent uncertainties among family members if you die. Nonetheless, most people do not understand why they need a will. Below is a piece will some compelling reasons to write a will.
Bequeathing Property
The obvious benefit of writing a will is that it gives you control over the distribution of your assets once you die. The document allows you to gift friends and distant relatives; hence, you are not limited to your immediate family. Suppose you passed on without a will (also known as interstate death); the courts decide how to share the property among your dependants.
Preventing Family Disputes
The presence of a will goes a long way in preventing family disputes after your death. In most cases, your family could disagree over how to share your assets. Once this happens, most of your properties and businesses end up mismanaged since they could land in the wrong hands. As such, your years of hard work could go to waste. Moreover, family disputes could damage your reputation and legacy.
Taking Care of Special Groups
In some cases, you might be worried about how to take care of special groups such as kids or incapacitated individuals who cannot manage the property. If this is your case, you could include a trust in your will. Trusts designate property management to a third party, but the proceeds go to named beneficiaries. This way, you take care of the beneficiary's welfare without giving them the challenging task of managing property. The rule is to ensure that the trustee has the beneficiary's interests at heart. Moreover, the trust should have an appointer to keep the trustee on their toes.
Donating to Charity
A will allows you to donate to your favourite charities. There are two ways to approach charitable donations. First, you could give the charity an outright gift (money or assets). Alternatively, you could set up a charitable trust. The benefit of charity trusts is that they give you control over how the charity uses the funds. For instance, you could ask them to name an activity after you if they wish to receive the funds. Alternatively, the money could be used for a specific project.
Giving Special Instructions
Your will allows you to give special instructions to your family members. For instance, money in a particular account could be used to settle funeral experiences. Alternatively, you could explain the rationale behind the property division process to prevent disputes. Finally, you could give instructions regarding how and where you want to be buried.
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