In life, the need for preparation never goes away as it extends to many different tasks, experiences, and milestones. From vacations and job applications to sports tournaments and long-term goals, there are many different things that one must prepare for. And although it is possible to take an “anything goes” approach sometimes (after all, who doesn’t love occasional spontaneity?), nothing is better for the long run than adequate planning.
When it comes to planning for the moment you pass away or become incapable of making decisions on your own, it can be quite difficult since these are situations you really don’t want to think about. However, failing to prepare for what may come when you no longer have a say in important matters can be even worse because it leaves various questions unanswered, such as:
“What’s going to happen to my business after I’m gone?”
“Who gets my property and valuables?”
“Should I be cremated or buried?”
“What happens to the items that were passed down to me?”
Fortunately, these questions don’t have to remain unanswered, and your intentions don’t have to be overlooked because this is where a well-written last will and testament comes in handy. Coincidentally, this brings us to our topic of the day: the importance of having wills and estate plans.
What Is A Will?
A last will and testament is a legal document that serves as a reference point that loved ones and authorities can use when handling one’s estate. Most applicable after someone’s passing or the loss of their ability to make decisions, a will can be used to implement your actual intentions with your estate instead of having state laws take precedence.
Once signed and witnessed, wills can help:
- Name guardians for children (or even pets)
- Forgive debts
- Name an executor to wrap up vital matters
- Dictate who receives one’s assets, investments, property, and other valuables
Why Are Wills So Important?
You may not realise it now, but writing and executing your will is one of the most advantageous and crucial forms of planning that you’ll ever undertake. To best understand precisely why these documents are something you can’t miss out on, here are some key points for consideration that will have you calling Dreyer Davison Lawyers LLP ASAP:
1. Wills Help Immensely With Reducing Family Conflict
One of the biggest reasons why wills are so crucial to plan, write, and execute as soon as possible is because they help reduce (or even completely avoid) family conflict.
Your passing can bring about immense emotions from family members, and such outcomes can render them incapable of making sound decisions on your behalf. Fortunately, you can help take the load off their shoulders by answering their questions for them with a will that outlines everything you intend to do with your estate.
2. Wills Prevent Intestate Succession
If there’s anything that you don’t want to leave behind when you pass on, it’s the trouble of having intestate succession laws that make the grieving process more difficult for your loved ones.
The best way to define intestate succession is that it’s a state law enforced by authorities that allows them to decide which family members will inherit your state, and in what proportion. Although these laws prioritise spouses and children of the deceased, they are far from optimal as they completely leave out close friends, relatives, non-spouse partners, and organisations of interest.
Among the many things you need to plan for throughout your lifetime, one of the most crucial efforts you’ll have to undertake sooner rather than later is preparing your will. Once you understand the overall importance of having a document that dictates what you do with your estate, it will be easier to ensure that your wishes are followed to the letter.
Dreyer Davison Lawyers LLP specialise in wills and estates, spousal support, property division, marriage agreements, divorce, and family mediation. Get in touch with us today, and let us help you plan your future!