If you die intestate (without making a Will), then your property gets distributed as per the laws of succession and not your choice. The law does not know that you wanted to leave the collection of your paintings for your youngest son or you wanted to give all your jewelry to your daughter. Your assets are distributed as per the generic laws.
Most people believe that only those who have abundance of wealth are required to make a Will but planning your estate is pertinent to ensure that your property is transferred as per your wishes.
You choose what happens to your assets after your death- When you make a Will, you decide who receive your assets. Whether it is a family mining business or a classic collection of artifacts or simply your savings, you should decide who will receive your belongings after your demise and not generic laws of the country. These laws do not include people who are not related to you, like your close friends or mentors. With a Will, you can leave behind a legacy for your loved ones. You may consult a lawyer for preparing a Will. Why should anyone else decide that how your property distributed after your death?
Here are a few reasons emphasizing why creating a Will is indispensable –
- To Avoid family disputes – When you die intestate, your estate can be a root cause of dispute among your family members. These disputes might break your family. A categorical division of assets will ensure that the strong members of the family will not win over the meek and vulnerable members.
- To ensure guardianship of minor children – If you die before your children are adults, not having a proper guardian might jeopardise their future. You can appoint a testamentary guardian only through a Will otherwise the court appoints guardians which are as per the law. By appointing a person as a guardian through a Will you can also prevent natural guardians to take control over your children.
- Having a Will reduces the probate process – Probate is a legal process where the authenticity of the Will is proved before the court of law. Irrespective of the fact whether you have prepared a Will or not your estate will undergo a process of probate. Having a Will ensures that the process is completed in less time.
- Choose an executor – In your Will, you can also appoint an executor who will assist in winding up your estate. In case if you do not appoint an executor, then the court will do this job. Through your Will, you have an opportunity to choose a responsible person as an executor which will safeguard your interest.