Once you are at least 18 years old, it is never too early to write your will. By having a will, you will be saving your family members and loved ones lots of headaches after you pass on. Many family law courts are inundated with cases relating to the distribution of the deceased’s estate when there is no will to clarify or express the intention or wishes of the deceased.
In view of the above, the following are the benefits of having a will:
1. Distribute Your Possessions As You Wish
Having a will gives you the power to distribute your possessions to people you wish. You get to decide who gets what from your properties. If you pass on without a will, the law will determine how your estate will be distributed and your belongings might end up with people you do not like when the family law is applied to share your possessions.
2. Appoint an Executor
An executor is someone you trust to manage your estate and oversee the implementation of your wishes as contained in the will. However, the executor cannot be a beneficiary. But having a will, you can choose and assign the powers of an executor to the person you trust, and have the assurance that your wishes will be honored. Book A free 15-minute consultation with our highly experienced wills and estate lawyers in Perth.
3. Appoint a Guardian for Your Underage Children
If you are the last parent to die or if both parents pass away, having a will allows you to appoint a guardian for your kids. This prevents your children from being passed around from one relative to another or being asked to stay with the family member you would not have consented to if alive.
4. Help Reduce The Payment of Estate Taxes
If you have a will, the amount of estate taxes payable will reduce by the value of the possessions distributed to family members, causes, or charity, reducing the overall value of you your estate.
5. Dictate How Your Digital Assets Should Be Managed or Disposed
Family members or relatives may not be aware that you have digital assets, online portfolios or intellectual properties. But with a will, you can tell them how they should manage, sell and distribute the proceeds or royalties of your digital properties. Also, you can tell them what to do about your cloud files and images, digital wallets, and lots more.
The above are some of the benefits of having a will. Help your family to avoid court cases after your passing away by writing your will today. Do you need the help of a family law attorney? Contact us today.