« Back

Why it is Important to Have a Will

April 9, 2021 4:25 am

Category:

It is important to have a will if you want your property, estate and financial assets to be protected in the event of your disability or incapacity. A will is basically a legal document that determines who your loved ones would inherit from if you were to leave this world. It will specify who all your assets are and where they should be kept. It will also state what you want done with your property after your death – be it leaving it to your family members as inheritance (property left behind), keeping it with your family (as lifetime income) or passing it on to a trust containing no other beneficiaries.

Image credit

Your will can be prepared at any time before your death; however, it must be prepared well in advance and signed by you, your attorney, a notary public and a close family member. It is important that you have this completed by a professional Will Writing Cheltenham company such as Bees and Co to ensure it is fully legal.

A will can be compared to a bill draft that is used when one wants to express his/her desire regarding a valuable asset such as a house. When a person dies without having made any will his/her assets are subject to probate and are only prepared after the conclusion of a trial. This is a very tedious process and there is no certainty as to what will take place with these assets after the dead person has passed away.

Image credit

Another reason why it is important to have a will is to establish the continuity of your family’s affairs after your death. If your wills are executed properly, your family would still have substantial cash flow even after your death. The probate court decides the distribution of your family’s assets. This process takes a lot of time and the will that you make must be carried out in compliance with the stated guidelines.

« Back