As they say, life is indeed short. You may be alive today, then gone tomorrow. When this happens, you no longer have the chance to secure your family’s safety and welfare. This is why planning for your loved ones’ future is crucial to ensure that whatever happens to you, they won’t be left behind without any assistance to depend on.
In such situations, legal advisers would suggest making a will. But which kind?
How Do Last Will And Testaments Differ From Living Wills?
Some people find it difficult to distinguish a living will from a last will and testament. These legal documents may share some similarities, but one is completely distinct from the other.
The facts about a last will and testament are as follows:
- Prior to a person’s death, they can indicate how their properties should be distributed among chosen beneficiaries. This can be conveyed in a last will and testament. It’s a legal document that conveys a person’s final wish on how their properties should be utilised after their death.
- This is an outline of your preferences on how your financial assets and acquired properties would be treated upon your demise.
- In this document, you can indicate your assets, custody of dependents, and management of your accounts and interests.
A living will differs in the following aspects:
- In this document, you can indicate your preferences regarding life support when you’re not physically and mentally stable to state your wishes.
- This document also grants healthcare services regarding your natural health for a speedy recovery and efficient medical care.
- You can also indicate in a living will your choice regarding the conduction of an autopsy following your demise.
How Inconvenient Will It Be If You Die Without A Will?
It’s good to be a willed individual early on. When you die without a will, the state decides on the following aspects regarding your properties and assets:
- Neither you nor your family can decide on important settlements regarding financial assistance as the final decision depends on the state’s rules and laws.
- Anyone from the family may benefit from your assets regardless of your family’s personal issues as long as they’re deemed qualified by the court.
- Settlements regarding estate properties and assets are subjected to the state’s laws.
- Without a will, your estates will have to undergo probate processes regarding the distribution of your assets. This process can be time-consuming and expensive for your family.
4 Reasons To Have A Will Now
Writing you will at an earlier time allows your family to avoid disputes regarding your assets’ distribution and complicated legal processes. To help you more, here are some reasons why you should write your own will now.
- To have full control over your assets
If you die an unexpected death with no will, there’s no assurance that your interests will be carried out accordingly. Writing your will allows you to indicate how your properties and estate will be distributed to your beneficiaries.
- To spare your beneficiaries from lengthy processes
With or without your will, your estates still have to undergo some legal proceedings upon your death. Lengthy probate processes can only be avoided with the help of your will. Also, you’re given the opportunity to choose who will manage your estates when you write your own will. In this case, you must choose a reliable and trustworthy person who’ll take over the responsibility of being your will’s executor.
- To lessen potential family disputes
Writing your own will reduces potential squabbles that can engulf your family, especially if you have complicated relationships. When you die without a will, your family and extended relatives may have conflicting claims on being the rightful beneficiaries of your assets. These fights may cause a rift between your family members, which may last longer than you can imagine. If you write your will now, you’re saving your family from future conflicts.
- To ensures continuous charity support
You may be worried about your charitable commitments and who will continue them when you’re already gone. Writing such details in your will allows you to safeguard your legacy to the people you cared about by leaving them a part of your assets.
You’re only given a single lifetime to live, and you spend it by providing for your loved ones. Thus, drawing up a will ensures that you’ll continue your love and care for the people who matter most to you. It’s always better to plan ahead of time.