Generally, a will is a document that declares a person’s intention for the property he/she wishes to be distributed after death. A will can be changed by the executant multiple times until it comes into effect after the executor’s death. Our article examines the benefits of executing a will.
What is a Will?
A will specifies how the owner wishes his/her estate to be distributed after his/her passing. In order for a will to be valid, it must have the option of being changed later. An unchangeable will is void, since the owner may change his mind. Among other things, a will can be used to distribute property, vehicles, shares of a company, cash, patents, copyright, etc. In addition to distributing property, a will can also be used to create trusts, appoint executors or guardians for minor children.
Importance of Will
When a person passes away, the importance of a will is most apparent. Without a will, a person’s property will be inherited by his/her legal heirs based on inheritance laws. Hence, a will is essential for the executor of a person’s property after death.
Prevent Unnecessary Litigation
There is often confusion regarding the distribution of a person’s wealth after he/she passes away. It will prevent unnecessary legal disputes by clearly stating what the deceased intended for his/her property after death.
Contribute to a charitable cause
In the absence of a will, the deceased’s property is distributed according to his or her religion and inheritance law. Those who wish to donate their property to a charitable cause can only do so by executing a will.
Cater to Special Needs
In a will, special needs children or persons who need financial support after the death of a loved one can be provided for. While distributing property without a will, equal importance is given to the legal heirs. It is therefore necessary to mention in a will that a person wishes a child, spouse, relative, or friend to receive a share of the distribution.
Appointment of Guardian
A The will can appoint a guardian for the deceased’s children. Normally, the law would allow the surviving natural parent to serve as the guardian of a child in the event of the death of a parent. When there is no surviving parent, then the law attaches great importance to the will of the parent when deciding whom to appoint as guardian.