Whether you are in your senior years, the late 50s or even mid 40s, I am sure that the thought of dying and leaving everything to your family has crossed your mind.
Especially if you have a lot of assets – cash, real estate, business, cars, all things that you cannot bring as you cross the bridge–to leave behind. Moreover, if you have a big family to leave all those to, these material things, whether you like it or now, may be a cause of a family feud.
Last will and testament–What is it?
A last will and testament is a legal document wherein you state what would happen to you and all your assets once you die. In this document, you list all your beneficiaries–the people you want to leave your assets and divide your property to keep all of them happy. It is a must to have all your children listed because if you do not include even just one, they will have the right to contest your will and you can’t do anything about it because you’re already gone.
The people you need beside you when creating your last will are only 3 people. First, the appointed executor of your last will. Net Lawman has a lot of lawyers that can help you. He or she will take care of the execution and administration of your will after your death. The next two people are your trusted witnesses when you officially sign the document.
Importance of a last will and testament
- Children
A will does not only deal with your assets and property. It also takes care of the most important possession you have–your children. In case of an accident or a terminal disease, your minor children would have to face custody hearings if there is no legally binding document stating who should take care of them after you are gone. The last will protect the future of your children.
- Division
Inheritance is one of the popular causes of family disputes. A fair division of your properties among all beneficiaries settles the decision.
- State Decision
If you did not sign a last will and testament, and there is an untimely death and a lot of properties to divide, the state would have to step in. The properties you worked so hard for might not even go to those who deserve them. There are times when assets are given to people who are not related to the person who left them.
The time to write your will
Writing a will does not mean that you have to be old and dying. Especially if you have children and/or a lot of things to leave behind, writing a will must be done after every life event such as marriage, childbirth, and divorce–anything that has a significant change in your life. This practice ensures security for the people you are leaving behind. We cannot predict when death will come to us. Sometimes, it takes us when we are old and sick, but there are also times when it takes us by random chance.
