Creating a will is an essential aspect of financial planning, often overlooked but crucial for various reasons. In this post, we will explore four vital reasons why having a will is essential: it allows you to leave a lasting impact on your loved ones, it saves money by avoiding certain intestacy costs, ensures your children’s future, and gives you control over estate distribution.
Reason One: Leaving a Lasting Legacy
By securing your legacy, you leave a lasting impact on those you cherish most, and peace of mind knowing your wishes will be fulfilled after you’re gone.
Reason Two: Saving Money
A well-drafted will minimizes the expenses associated with the intestacy process. Intestacy can be time-consuming and expensive, but a will allows you to appoint an executor to carry out your wishes, streamlining asset distribution. By avoiding lengthy intestacy proceedings, more of your estate goes to your loved ones instead of legal fees.
Reason Three: Protecting Your Children’s Future
Having a will safeguards your children’s well-being and future. You can designate a legal guardian within your will, ensuring your children are raised by someone you trust. You can also create testamentary trusts to protect their inheritance.
Reason Four: Controlling Estate Distribution
A will gives you full control over distributing your estate. By specifying beneficiaries, you ensure your assets go to the individuals or causes you care about most. Without a will, intestate succession laws may distribute your estate differently than you intended.
Conclusion
In summary, having a will is crucial for securing your legacy and your loved ones’ future. It saves money by bypassing potentially costly intestacy procedures, ensures your children’s well-being, and provides you with control over estate distribution. Crafting a will is relatively straightforward, and consulting with a lawyer can ensure it is legally sound and comprehensive.
This article is for general information only and is not legal advice. Should you wish to discuss this further, please call us now at 08 6114 5920 or email info@barnardlawyers.com.au.
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