Five Reasons You Need to Make a Will
13 Mar 2019
More than half of adults still don’t have a will. Many ‘haven’t gotten around to it’, since they’re still young, but there is no wrong age to create your will. In fact, the younger, the better. Just because you’re young doesn’t mean you don’t have wishes that should be honoured if you pass on.
Why should you create a will? Here are the main reasons you need to consider it.
- You specify how your estate will be distributed: if you don’t decide now where everything you own will be distributed, your belongings will be given out according to someone else’s desires. Even if you don’t have a lot of value, you probably have a few items that you would like to see given to specific people. However, you need to make that decision and put it in writing in order to enforce your wishes.
- You select your children’s caregivers: if you have minor children, they will need to be cared for in the event of your death. You can choose who will look after them and specify it in your will. If you don’t have a will, your children could end up with someone you don’t want to raise them. Unfortunately, if there are no indications of who you want to take your children, the court will determine their guardian and this may involve someone you don’t like.
- You can change the will and update it as needed: just because you make a will doesn’t mean it has to be that way forever. It’s actually recommended that you update your will whenever you have a major life change. If you have another child, for example, it’s a good idea to update your will to include them, or if you make a large purchase, add it to your will to determine who will inherit it.
- Prevent fighting among family members: there’s nothing more unpleasant than family members fighting after a loved one dies, but it happens all the time. By indicating where each part of your estate goes, you will ensure there are no doubts as to who gets what. This prevents any issues later on and will help keep the peace with your family.
- You can gift or donate as you see fit. Do you want to skip the family altogether, or maybe just divide your estate? You can donate whatever you want in your will and rest assured that it will be honoured. If there is a cause you particularly want to support, you can set up a will stating that the organisation receives a specific amount of money or part of your estate.
Not only does writing a will give you peace of mind about what you have to leave behind, it’s also a good thing for your family and friends. If you don’t yet have one, consider making a will soon.