You can include in your will other wishes, such as funerary arrangements, burial or cremation, religious ceremony, etc. Having a will can give you peace of mind. For example, if you have a spouse but no child, your estate may be split between your spouse and your other family members. If you do not have a will, everything you own will be distributed in accordance with the laws of intestacy under Common Law, which may not necessarily result in the way you would expect. Avoidance of standard distribution under the law of intestacy Having a will is especially important if you have minor children and you would like to appoint a legal guardian whom you can trust before they reach adulthood.Ħ. You can appoint guardians for your children to pay for living expenses, funeral arrangements, etc.).ĥ. Court administration may take months and may result in family members not having access to vital cash flow in times of need (e.g. Your executor(s) will be able to get hold of the assets almost immediately without the need to go through a court process.
You may choose to have a professional executor, such as a legal professional, law firm, or accountant.īy having a will, you can avoid having family members or friends applying to court and competing to become an administrator(s) of your estate. You can appoint up to four executor(s) you trust to manage and distribute the assets.
By creating a will, you will have the freedom to pick who you want that executor to be. You can choose and appoint an executor(s) you trustĮxecutor(s) are individuals appointed and named in the will to handle your affairs and requests after your passing. Without a will, the process can be more time-consuming, stressful, and subject to more disputes as there would be an inevitable lack of clarity.ģ. Having a will in place makes it much easier and quicker for your family, relatives, or friends to sort everything out according to your wishes when you die. Less stress and disputes for your beneficiaries On the contrary, you also have the choice to leave assets to beneficiaries who are not related to you, e.g., de-facto spouse, friends, and charities.Ģ. This means that you can ensure that those closest to you will receive your assets, such as your adult children and other dependents. money, real property, personal belongings). Importantly, it is you who can decide who/where you want your property and assets to go after you die (e.g. It informs the individuals who will be receiving your assets The advantages of having a will / Benefits of having a Will.ġ. Here is everything you need to know about making a will. On the bright side, creating a will is a simple legal process. Wills can also enable you to appoint guardians for your children. money in bank accounts, real estate property, personal property, etc.) are to be distributed after your passing. A will is a legal document that sets out and coordinates how your assets (e.g. Despite this, having a will in place will minimise the stress, financial issues, and disputes among your loved ones once the time does come. Death is a taboo subject – no one enjoys thinking about their death.