Is it important to write a will?
A last will and testament is a document that highlights how you will divide your final estate. If you are passionate about your personal finances, you should consider the benefits of how a will could help you.
What a will does
- Protects your assets: A will gives you the chance to protect all of the assets that you own. Assets can include intangible and liquid assets such as cash, bonds and property. Assets can be passed down to your beneficiaries if you state this in a will.
- Gives your family breathing room: Your family need space when they are dealing with the will and your beneficiaries definitely don’t need any unnecessary surprises. This is why writing a will can give your family the room that they need to deal with certain aspects of your estate.
- Manages how your debts should be dealt with: A will explain how any debts should be managed such as mortgage debt or personal loans. This makes sure that you don’t burden your family with debts that you could have. Endeavor to clear your debts in advance of writing your will.
The biggest advantage of writing a will is that the government does not decide who gets your money and how much they receive. If you take control of your personal finances, writing a will is an ideal way to remain in control of your cash and assets.
Why you should work with a lawyer
Choose a lawyer to write a will because it is a legal document that decides the financial future of your estate. Lawyers are professionals who are trained to know what will work for you and what is in the best interest of your beneficiaries. A lawyer can also advise you on whether a will can help you to minimize any tax liabilities that your estate could incur. This is another way to shield your beneficiaries from paying tax that they do not have to pay.
How does a will affect children?
The top feature of a will is that if you have any children, you can list what they can receive from your estate. This is especially important if you have several children and grand-children.
Writing a will doesn’t have to be intimidating. If you have assets and cash you want to protect or give to your family, write a will to ensure that your financial legacy remains intact.
