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The Importance of Making A Will
Why is it important to make a will? The plain and simple answer is that without a will you have no say on how your assets are distributed after death.
It should also be borne in mind that you are never too young to make a Will. The common thought is that only old people need to make a Will. This couldn’t be any further from the truth, because no one knows when their number will be up and it’s their time to die; so if you have savings, property, personal effects and investments you want to pass on to your loved ones or friends, you should make a Will.
Making A Will Protect Your Assets
With a Will you can protect your assets from falling into the wrong hands, give away gifts to whomever you please, choose who should be guardians to your children (if you have any); write a letter of wishes for your funeral arrangements i.e., let your dearest and closest know whether you wish to be buried or cremated, and what hymns or songs you want to be sung. With a will you can be assured that your wishes will be carried out.
Making A Will Protects Your Children
One of the important aspects of making a Will is in relation to children. In the event that you die whilst your children are still young you should appoint a designated guardian. But remember to tell the person/s whom you have chosen that you wish them to be guardians for your children, otherwise it may be a bit of a shock when your Will is read and they find out they have inherited children that maybe they would prefer to be without! Without a Will the courts decide where your children go, and it may not be with your mother, sister or aunt as you had planned. They could end up in care and even separated. I’m sure that is not something you would want.
Making A Will Protects Your Money
Another important aspect to writing a Will is your money. Now, if you have grafted and worked hard for your money, the last thing you will want is for your money to go to the government; Right? At the time of your death, if there is no Will explaining where the money is to go, the courts will decide, and the best you can hope for is that your children, spouse or partner, may receive half of your estate. The other half may be distributed between your parents or siblings, or retained by the court system.
Every year billions of dollars are awarded to the government from people who have not made a Will and died intestate (without a Will); So let that be a warning to you to make a Will as soon as possible, because without one you can be sure that your money will become the property of the government.