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Top 5 Important Reasons to Make a Will Today

Make a Will

By Sejal ShahPublished 3 years ago 3 min read

The unprecedented COVID-19 pandemic has made life challenging and miserable for many. The people are dealing with personal and professional insecurities. Many have lost their jobs and the students are developing doubts about their future.

Hence, this alarming situation has made everyone concerned about their family members more than ever. And the best that one can do in such an uncertain time to protect the future of their loved ones is to consider making a will.

A will is a legal document that enables you to secure your successor’s future after you pass away. It helps your kids or successors to distribute your property or other possession evenly among themselves without any dispute.

Making a will should be an important part of anyone’s life. Whether it's for death, estate, or financial planning, you should know the best way to do it. Many people make a mistake in a will and this can leave a lot of problems for family members to deal with.

What are the Requirements to Write a Will?

Since it is a legal document, there are certain requirements for it to be written in an organized manner. It involves:

• A testator- A person who creates or writes a will is a testator. It is important to have the signed consent of the will-maker at the time of its creation. However, there are provisions that someone else can do it with the testator’s direction. It is only in the case if, the will-maker is ineligible or physically unfit to sign the will.

• Executor- It is someone who is entrusted to supervise that the will is being followed properly. It is the duty of the executor that the estate or property is being distributed evenly among beneficiaries as per the will. Thus, the signature of the executor is also essential while making a will.

• Witness- Besides testator and executor, the testament requires the signature of two witnesses for its justification.

• Lastly, the will must contain the name of the beneficiary.

5 Major Benefits of Making a Will Timely

Now you must have understood clearly how important it is to make a will timely to secure your family’s future. You might be wondering the will is beneficial only for financial security. But if you are wondering what else will children have if they are beneficiaries of your will, you must read further.

Let’s have a look at the major benefits of making a will:

1. Dictates Intentions About your Possession Even After Death

Your will talks about your desires or decisions when it comes to your property even after your death. Hence, it takes care of your hard-earned money, estate, etc. in whatever possible way you want.

2. Maintains Harmony Among the Legal Heirs, Nominee, or Other Beneficiaries

If you write a will, the time and money to be spent on the complex procedure of probate court can be eliminated by the heirs. Otherwise, the court elects an executor for estate distribution, which could lead to conflicts between the siblings or the beneficiaries.

Thus, preparing a will in the presence of a personal executor is also helpful in ensuring harmony and understanding among the family members.

3. Secure the Guardianship of Your Minor Kids

A will is also helpful in declaring a capable guardian for minor kids in case the parents pass away before their kids reach adulthood. It is obvious that if one parent of a minor child dies then the other living and capable parent gets custody.

However, if both the parents pass away, a will is a document to consider which has the name of a responsible guardian. The nominated guardian will be responsible to take care of the food, clothing, education, health, etc. of the child.

4. Enables you to Endorse Charitable Causes

By dedicating some of your estate or assets to charitable causes or funds, you can support them even after your demise. With this effort, need to know about while writing your will, you can touch various lives and help them have a beautiful and secure future.

5. Helpful in Nominating a Care-taker for your Lovable Pets

In case you own a pet, it is a huge liability. So, here also, the will comes in handy. You can choose a reliable caretaker for your pets declaring their name in your will. Also, one can secure some of their funds for this caretaker which he/she could use in raising your pet.

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    Sejal ShahWritten by Sejal Shah

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