A last will and testament is a legal document that lets you decide what happens with your belongings after you die. Yet, many people don’t have one. You may think you don’t have enough assets, or assume that your loved ones will automatically get everything you own. But this isn’t always true.
Save time, money, and stress for your loved ones
When you die without a will, you leave important decisions to the local courts. This can become a long, drawn out, expensive process causing trouble for your loved ones. For example, the courts may decide to sell your house to divide the proceeds to your family, leaving your current spouse without a home.
Streamline this process with a will and choose someone responsible to handle your estate (called an “executor”). The executor’s responsibilities are to make sure your wishes are carried out and all your affairs are taken care of. Without a will, your family will have to guess what your final wishes were. If there are complicated family dynamics, they won’t always agree. The lack of clarity may cause tensions which can last a lifetime.
The power of choice
With a will, you decide who gets your assets, and who to exclude, for example, an estranged spouse. A surviving parent will usually be given sole legal custody if one parent dies. But if both parents pass, a guardian will need to be responsible for all your children’s daily needs, including food, housing, healthcare, education, and clothing. If you don’t nominate a guardian in your will, a court will have to choose one for you. This could mean that someone you might not want, would be raising your kids. You can also make sure that a trusted person takes care of your pet after you die and even leave them funds to provide for your pet’s care. You may also decide to leave a positive mark on the world after you pass, by donating funds or assets to charities or causes that you believe in. You can include this legacy in your will.
It’s simple
It’s easy to make a will and many companies, such as banks, or insurance firms offer the service free of charge. You don’t necessarily need professional help to prepare a valid will unless you have a large or complex estate. Once you’ve drafted the document, it needs to be witnessed, usually by two adults of sound mind who know you well. Make sure that your family or executor knows where your will is and update it over time as your needs and the people in your life change. This will give you peace of mind.
Call LifeAssist to speak to a legal specialist to help you draw up a will. This service is at no cost to you.