What to Know About Wills
Most people are slaving away each day trying to accumulate wealth. They are busy switching jobs hoping to make more money. They stow their money in stocks and gold as a way to create wealth all in the hope that they will leave behind a wealthy legacy for their loved ones. However, what most people miss is writing a will. This costly mistake causes their wealth to be distributed mostly against their wishes.
In the Absence of a Will
When a will is not written prior to a person’s death, their wealth is distributed equally to the heirs in accordance to succession laws. However, the law won’t establish that they wanted to bequeath their apartments to their son or their art collection to the daughter.
Additionally, when the wealth is distributed, it might bring up family disputes and it might not necessarily land on people who will value what you have built thus far. The weak or minors in your family might also be discriminated on when distributing the wealth.
When you die, you’d think your property would automatically be transferred to your spouse, but no. Without a will, succession laws dictate that your assets are given to your natural heirs and this might include other relatives alongside your spouse.
Without a will, your family will be left in financial turmoil, especially if you were the sole breadwinner. They will be forced to start making an inventory of all your assets. If you hadn’t disclosed to them about your investments and property you bought, this will be a mammoth undertaking. They will have to go through your papers to track your legacy. The sad truth is that with online investment platforms and online banking, some of your investments might go undiscovered.
With a Will
When you write a will, you ensure that your property is inherited by the heirs you choose and that the interests of minors or the weak are not overlooked. It will also prevent family disputes and your property will be given to people who will value what you worked so hard to build. Besides, a will is not only about wealth. It also transfers responsibilities. Through a will you can appoint the person responsible for taking care of your children if you and your spouse pass on. A will can also create a trust for future generations. Finally, when you write a will, you will be forced to state all of your assets and this will make the transition easier for your family when you pass away.