Have you ever been a part of a will, or have you in your lifetime had an opportunity to have control over big assets? Well, developing a will is ideal in deciding on different ownerships when you die. Statistics show that approximately two-thirds of Americans die without writing a will, especially if the deceased owns many properties and assets. Without a doubt, writing a will comes in handy in stabilizing investments to prevent losses and theft. In this article, we break down the major importance of writing a will.
First things first, what is a will? It is legal documentation a deceased leaves behind to immediate family members. Its main purpose is to decide the distribution of assets and belongings.
The legal document has factual information for the beneficiaries on how the distribution of wealth should be. Let’s get into why it is ideal to write a will.
1. Getting a Letter of Testamentary
Indeed, letters testamentary play a big role in will development. It is a document provided by the probate court to the executor to fulfill the dying wish of the deceased. He or she is put in the will document to be in charge of distributing assets.
Getting the letter involves key factors, such as acquiring a copy of the will and having the death certificate. Then, later on, you can submit all final documents to the probate court. Writing a will becomes relevant with the availability of this legal letter. It is because the executor will act and be responsible on behalf of the deceased. Hence the distribution of assets and properties becomes easier. But the process requires trust and a professional executor for the process to be successful.
2. Saving Money, Time, and Stress for Family members
We recommend writing a will before dying to avoid irregular circumstances. Without a will, all the power to divide assets goes to the probate court. The legal agency will perform the intestate administration process which can be hectic, especially if there is no will. Also, the probate court has the freedom to name the executor. This method takes a long time, causing stress to loved ones.
Availability of the will eases the court strategies to share legal information of assets. The will expresses the dying wish of the deceased which is ideal for family members to know what roles they have in management.
3. To Decide who Gets Assets and Who does not?
The sole purpose of writing a will is to choose beneficiaries to own properties and assets. It indicates those who will not own any inheritance. For example, if a deceased owned a real estate business, the eldest child has the highest percentage of the others. This will also depend on how responsible the son or daughter is.
The relationship between the deceased and beneficiaries also matters. The executor will not offer an important asset to an irresponsible beneficiary. This will be according to the instructions of the deceased.
The will can prevent access of assets to ex-spouses which is ideal for security reasons to keep the inheritance safe.
4. To ensure Digital Assets are Safe
Due to upgrades in technology, the deceased can leave behind digital assets, including social media accounts and email. Writing a will helps in naming a digital executor. For example, who is a professional in digital marketing to ensure the family’s business growth?
Providing honest information is important to inform them whether to close online accounts or keep them active. Digital marketing services will improve the cost efficiency of business products, also pushing the good reputation of the deceased.
5. To prevent Family Disputes
Lack of a will after death can be catastrophic to the family. It can lead to confusion and conflicts about who is worthy to get a higher percentage of assets. Family disputes in sharing estates are common if members do not agree.
We always tell people to prepare first before death comes. Developing a will prevents so many problems, such as having family members guess what your dying wishes were. To save them from all the guesswork, a will is the only weapon. Family fights always last a very long period because one may feel unwanted or unloved, leading to the creation of long-term grudges.
When you are still alive, find time to write a will for your family members. It will be beneficial for everyone involved.
