In simple terms, the bottom line is that if you want to be sure that your wishes are carried out after you die in terms of who gets your cash and other assets, you have to make a will.
The subject of wills and probate is either considered be a topic of conversation that is either too morbid, plain dull or not that important until you get old, but putting your legacy on a legal footing is something you definitely need to address and do something about.
Most people have a very clear idea of how they want to divide their money and property up after they are gone and whether it is your wish to leave a favourite painting to someone who has been kind to you over the years or to make sure that a certain relative gets your house, all of these things can be covered when you make a will.
It is a source of reassurance to know that your wishes are going to be carried out after your death and the best way to get this peace of mind is to ensure that you arrange a will to be written up.
It is never an easy subject talking about death with loved ones but it is a discussion that you should consider having with those that matter, so that they are aware of your intentions and this includes appoint an executor, who will be tasked with helping to make sure your assets are distributed in accordance with the instructions in your will, as much as possible.
Your will might also be an opportunity your appreciation for the love you have received from certain people during your life, but it serves an important legal purpose as well.
When you write a will, you are creating a legal document which provides clarification on who you want to benefit and how you want your money and property to be divided up.
When there is no will in place, this can create a legal nightmare, with disputes and arguments between relatives and people making a claim on your estate who you may not have wished to benefit after your death.
Dying without leaving a will is referred to as intestate and it is a scenario that is to be avoided at all costs if you can, as it might even allow the government to claim some or part of your estate as a consequence.
Writing your will help to remove any doubts about your intentions and also help to ensure that you distribute your assets in the most efficient way possible.
Beat the taxman
Inheritance tax rules are still very much an issue when it comes to settling your estate and although the tax is only payable if your estate goes beyond a certain threshold, which is reviewed from time to time by the government, a will helps to ensure that you pay the minimum amount of inheritance tax possible.
These are just some of the smart reasons why you must make a will as soon as possible.
Nicholas Patterson works as a counsellor at a senior centre. He loves to help others by writing about his insights online. Look for his articles mainly on aging well websites.