Why Do I Need A Will?

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A will is probably the most important legal document in your life, and if you draft it well, with the aid of a legal expert, it can make your life a lot easier, not to mention the benefits it will bring to your loved ones after your death. There’s nothing wrong with being practical about your death. On the contrary, it will protect your family.

The Key Advantages of Having a Will

  • Protects the future of your family by providing them with financial security. It lets you assign to each of your loved ones a part of your possessions, according to their needs.
  • Ensures that your partner will receive an inheritance. If you and your partner are not married at the time of your death, the Intestacy Rules may not recognize your relationship and thus prevent him or her from receiving any inheritance.
  • Minimizes the inheritance tax you have to pay, provided that you draft your will with care, together with a legal expert.
  • Prevents inheritance disputes from arising if you have children from previous marriages by giving you the possibility of deciding who gets how much and under what conditions.
  • Gives you the opportunity to show your gratitude to friends, acquaintances and even charities by giving them a part of your inheritance. Without a will people outside your family normally do not have any right to claim your property, no matter how close and devoted they were to you.

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  • Enables you to make gifts of possessions and money. Items of sentimental value or family heirloom can be easily bequeathed through a testament to specific individuals.
  • Allows you to assign guardians for your children, to ensure that your sons and daughters will be well-cared for after your death and also receive an appropriate education.
  • Creates life interest which gives you the right to use your property or the income the capital generates, and then, after your death, to pass it to a beneficiary. When used wisely, life interest can offer financial security to children from a previous marriage or to a current partner, even if you won’t pass to them your property.
  • Makes it possible for you to specify funeral wishes. You can choose in advance between funeral and cremation services, the place of your burial or, if you opt for cremation services, what will be done with the ashes, and you can go so far as to decide whether you want a direct cremation or a more elaborate one with a memorial service and other options.
  • Makes life easier for your family after your death. Since they won’t have to take any major decisions regarding your funeral or cremation or the distribution of the inheritance, it will be a little easier for them to cope with the loss and to endure the grief.

In the end, keep in mind that when making a will it’s important to draft it well, with the aid of a legal expert. A poorly drafted will can lead to fierce legal disputes.

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Comments 6 comments

TDowling profile image

TDowling 2 years ago from Florida

All good points, Better Yourself.

My wife & I have discussed this, but we still don't have wills. Thanks for giving me a New Year's Resolution that I will accomplish-- hopefully before the spring.

Rated up and useful! -TD


FlourishAnyway profile image

FlourishAnyway 2 years ago from USA

Good summation of why we all need this important document. Voted up and sharing.


Better Yourself profile image

Better Yourself 2 years ago from North Carolina Author

Thanks TDowling! Definitely a great resolution for the New Year!


Better Yourself profile image

Better Yourself 2 years ago from North Carolina Author

Thanks FlourishAnyway :)


denise.w.anderson profile image

denise.w.anderson 2 years ago from Bismarck, North Dakota

I work for a fellow who helps farmers and ranchers decide what to do with their estates to transition them to the next generation. In this business, we see firsthand what happens when folks do not have wills. Death can be sudden at any age, whether due to accidents or illness. If there is no will, the family is subject to the state laws and probate courts. There is no mercy, no matter what the situation. It is best to have what you want spelled out in legal documents.


Better Yourself profile image

Better Yourself 2 years ago from North Carolina Author

Thanks Denise for stopping by! Agreed - it is best to have it on paper and it's hard to see what people go thru when they haven't prepared properly.

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