Unless you have the elixir of immortality in your possession, death will come for you. Death comes for everyone. Bearing this in mind, if you have an estate (properties) and children during your lifetime, then, having a will is not just a no-brainer—it is a must.
The purpose of having a will is essentially so that your properties are in the right hands after your demise. Part of recognizing the need to have a will comes from understanding what happens when death meets you without a will. In law, there are certain rules called the “Rules of Intestacy.” Rules on intestacy imply that your estate becomes administered by designated government laws rather than your wishes, even at death.
If you think that a will is only for the rich, you are wrong.
So, only you can guarantee your wish. The intestacy rules can operate to benefit people who ought not to benefit from your estate. Conversely, worthy beneficiaries become sidelined. Conflicts of interest. Feisty clashes. Bad blood.
It doesn’t matter what school of eschatology you believe; you probably won’t rest easy.
Particularly, in times like this when the scourge of Covid-19 has left human health to the survival of the fittest immune systems, preparing a will has never been more important. In this post, we reel out reasons why having a will furthers the collective cause of you and your loved ones. We also show you how it protects you & yours even after your demise:
To Assign Your Executor
Your executor (male) or executrix (female) is the person who administers your estate after you have passed on. The responsibility is usually assigned to this person in your will. This person shall make an inventory of your assets and ensure that financial obligations are met in taxes, debt, and informing the relevant organizations that need informing that you are now deceased.
If you do not have an executor in a will, the state will appoint one. This leaves the destiny of your estate up for grabs, for anyone to petition the court and undertake.
To Put You in The Driving Seat of Who Gets What
Avoiding the incidence of misery for your family that often accompanies the uncertainty that your death has caused is something anyone with loved ones should do. But then, even beyond this, there is an added value gotten for making a will.
Here’s the kicker:
A will is not just about which persons will get what properties. Far from that, It is about your legacy and how it can be maximized in the hands of the right people to bring happiness to those you love after your death. If you do not have a legally binding will, the state will decide who gets what. It should be noted that an oral will (oral declarations made by the deceased in front of witnesses) might not have enough legal backing to be recognized as an incontestable will. The same goes for a “Holographic will” (a will that is drawn up by you without any witnesses present)
Your estate might be property to your survivors, but for you, it then becomes a legacy at your time of death.
Making a will is insurance, sort of, from getting your legacy in the wrong hands.
You Can Appoint Guardians to Look After Your Children
No one wants to die leaving tender little kids behind. But hey! Life happens. And it’s nobody’s fault. It only becomes your fault when you fail to make adequate preparation for the kids and the most vulnerable people due to your demise, suffer.
To Carry Out Your Wishes
Your will is your last wish, your last act on earth. You can make use of your will to carry out your wishes for your burial or cremation. As long as your demands are legal as stipulated in the will, your executor should have no problems following it.
However, some things can frustrate your executor from carrying out your instruction, like the demise of your executor.
It Saves Costs for Your Family
When you have a will, you are saved loads of money in litigation arising from a clash of interest. It becomes less stressful to administer, quicker, and cheaper. Apart from being time-consuming, it can also be a major expense to fund.
With all that has been said about intestacy; One thing is clear, it can leave the deceased and his/her loved ones in perpetual chaos, agony, and disagreements. Even while you are alive, having a will gives you that peace of mind that you are armed with the right kind of certainty for you and your loved ones in what would have been a time of dire uncertainty. It is selfless service to your loved ones as you won’t be around to reap the full rewards of your will.
But then, there are rewards aplenty. It all depends on your perspective.
If abating controversial circumstances for your family and securing the future and happiness of your loved ones doesn’t count for a reward that keeps giving, even posthumously, then what are you even living for!