Why Having A Will Is Important?
Will is a legal document where you state all your wished that you want to get completed after your death. Since it is a legal document, it is fully assured that everything that you have mentioned in that document gets completed. An executor is responsible to get everything done that is written in the will. You will get several benefits of having a will. Some of the major advantages that will urge you to get one are listed below:
1. Property Distribution
All the property, as well as the money that you have, get distributed after your death. If you have not clearly mentioned about the distribution, there might be disputes about the same later. You can also state about the share that you want to give to each of your beneficiaries. Writing about the same in your will can avoid any kind of fight related to money and property distribution.
2. Upbringing Of Children
You can never be sure about the future. It may be possible that due to any of the reasons, you are no more there to take care of your children. Thus, mentioning the same in you will let the people and executor who should be taking care of your children after your death. This will make sure that the future of your children is in safe hands and with the person that you trust the most. Thus, for the bright future of your children, you must have a will.
3. Short Probate Process
Before the executor can actually start to implement everything written in the will, they require the permission of the court. This process generally takes too long and it is often delayed. But on the other hand, if you are having a will, then the process of done in a shorter period of time. Also, this probate is proof of the will being valid. If you are still confused about the same, then you must go through what is probate and how long does it take.
4. Tax Planning
The set on instructions that are provided with the will gives you information about how can you shape your will in order to get several tax benefits. There are a number of exemptions to the taxes that you can benefit from. You will not more have to pay an extra amount of tax. This will contribute in saving your money. Thus, one of the advantages of having a will is it helps with tax planning.
5. Peace of Mind
Do you often have a fight with your family members regarding distribution of the property? Then it may disturb you mentally. In order to get it resolved, you need to make a firm decision and mention the same in your will. After you have taken all the decisions so that everyone is satisfied, you will no more have to quarrel with your family members about the same. Thus, having a will make your mind peaceful and the later years of life happy with your family.