If you die intestate (without a Will), your property will be dispersed according to the laws of succession, not your wishes. The law is completely unaware that you planned to leave your painting collection to your youngest son or that you wanted to gift all of your valuables to your daughter. Your assets are divided according to the general legislation.
Most people feel that only those with a lot of money need to prepare a Will, however estate planning is necessary to ensure that your property is passed according to your preferences.
You get to select what happens to your possessions after you die- When you prepare a Will, you get to choose who gets your assets. Whether it's a family mining firm, a historic collection of antiques, or just your savings, you should select who will inherit your possessions after your death, not the country's general regulations. People who are not connected to you, such as close friends or mentors, are not covered by these regulations. You can leave a legacy for your loved ones by writing a Will. A lawyer can assist you in drafting a Will. Why should someone else decide how your assets are dispersed when you are away?
Here are a few reasons why having a Will is extremely important:
1. To avoid family feuds - If you die intestate, your estate can be a source of contention among your relatives. These quarrels have the potential to split your family apart. A categorical distribution of assets will ensure that the family's powerful members do not gain an advantage over the family's weak and vulnerable members.
2. To ensure guardianship of minor children - If you die before your children reach adulthood, their future may be jeopardized if they do not have a proper guardian. Only a Will can designate a testamentary guardian; otherwise, the court will choose guardians who will follow the law. You can also prevent natural guardians from taking charge of your children by appointing a guardian through a Will.
3. Having a Will Shortens the Probate Process - Probate is a legal process in which the validity of a Will is established before a judge. Regardless of whether or not you have made a Will, your estate will go through the probate process. Having a Will ensures that the procedure goes more quickly.
4. Appoint an executor - You might name an executor in your Will to help with the administration of your estate. If you do not appoint an executor, the court will take care of it. You have the option of naming a competent executor as part of your Will, which will protect your interests.
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