1. A will helps you decide how your estate will be distributed. This is because a will is a legally binding document.
As such, it must always be followed to the latter. Should you die without one, there will be no guarantee that your estate will benefit the intended individuals. Having a will also minimize the fight amongst family members over the distribution of your estate.
2. Through a will, you can also decide who should take care of your minor children. In case there is not will, the courts will decide who to act as a guardian for your children. In other words, a will allows you to choose a guardian for your children.
3. Leaving a will behind will also help avoid the lengthy probate process. As opposed to what most people believe, all estates, with or without wills must always go through the probate process. Normally, a probate takes between six to nine months. However, this duration can be longer if the will is contested or if the deceased did not leave a will.
4. Having a written will also help minimize estate taxes. The value of what you give to your dependants or donate to charity will go a long way in reducing the value of your taxable estate. As such, you end up paying less as tax as opposed to when you leave no will at all.
5. Procrastination and unwillingness to accept death as part and parcel of life is one reason why most people die without wills. Some people also realize when it is too late that they should have a will, especially after unexpected death.
In order to shield your family from added stress during an already emotional time, it is very important that you draw up a basic estate plan at the minimum before it is too late.
As you can see, writing a will is a very important step that everybody should take. You need to do it immediately because you don’t know what will happen the next day.