Leaving a Tangible Legacy: Benefits of Last Will
“Son, there’s not much I can give you but the legacy of my name.” Does the line sound familiar? This is the usual thing dying characters in movies say when they’re about to die. However great the name is, the ‘name legacy’ is still intangible (and most of the time has no monetary value); unless, of course if your family owns a company which has its profits founded on a good name and reputation.
Intangible property – describes something which a person can have ownership of but has no physical substance.
Tangible property – is anything which can be touched.
If you love your family, better leave a listing of all your properties (they won’t have to go treasure hunting). The best way to do it is by leaving a Last Will and Testament.
Now who said Last Wills are exclusive only for the rich? Do you not own the clothes you wear? Those are your personal properties! And who doesn’t own at least one cell phone in this time and age? Your school books (if you bought them, not borrowed from the library), your Bible, and just about everything you have right now that you can confidently say your own can very much likely to be a subject of future dispute among members of the family.
Personal property – is generally considered private property that is movable.
Real property – is an immovable property or any subset of land and the improvements to it made by human efforts.
You can choose your own beneficiaries (subject to the laws of your land)
However you want your estate be distributed to your heirs (or even friends!), you have the free hand to do so. Dying without a will automatically gives the state the permission to do the distribution. The sad thing for those who do not have legal obligations with anyone, a part of the fruits of his labors will form part of the public funds.
Things left unsaid can be written
If given the chance, we’d naturally want to do the funeral planning for our own funeral; from the funeral program templates to our own make-up artist. The good thing is, you can be more specific by asking some family member (in writing) to take care of your pet and even go into the details.
You can’t afford the consequences of not having a will
The properties left by a decedent are usually the cause of a family’s disagreement. Children fight among themselves over a piece of land, wife and children argue over cash, and the list goes on. Also, it’s a bad thing already for your family to be fighting and arguing about your estate; what then if your favorite but illegitimate son does not get as much inheritance as he needs? Now that would be a thorn on your (death) bed.
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