Even though thinking about it is not anyone’s favorite thing, having a will and a testament is surely one of the most important things you can do for both yourself and your family. That is, the things you can do now will have a huge impact on the legacy that you leave behind. If you were thinking of writing a will and a testament, but you were not sure whether it is important, you have come to the right place. In this article, you will find all the reasons why doing so is very important.
You are the one deciding who will get your property
The last will and testament allow you to decide how your property will be distributed after your death. No matter if it is your car, your house, your savings, or anything else, it is you who decides to whom every item will go. Otherwise, if you pass away without writing a will, it will most likely create a conflict amongst your loved ones. And of course, you do not know whether anyone will get what you would want them to get.
To make sure everything is handled in the right way, make sure to hire a legal representative. As laws and regulations vary from place to place, you must hire a person who knows all the local laws. For instance, if you want to make a will in Perth, you should hire an experienced legal representative from Perth. Once you finish the whole process, you will know that everything is done right and that your wishes will be respected when you pass away.
You decide who will take care of your children
If you have any children under the age of 18, you will be able to designate legal guardians when you write your will. By doing this, you will know that if anything happens to you, you will leave them in good hands. The court will follow the designations you made, especially if you choose a family member or a person who already has a relationship with your children.
You are the one deciding what will happen to your body
If there is a particular way you would like your body to be handled once you pass away, you can write about it in your will. Whether it is being buried in the ground or being cremated, the way your family will do it depends on you. Moreover, if there is a particular place where you would like to be buried, or where you would like your ashes to be sprinkled, you can state it in your will and testament as well.
It will allow you to minimize your probate and estate taxes
After a person dies, the tax bill that has to be paid can be enormously high. However, if you carefully draft your testament, these kinds of taxes can be avoided with a few minor provisions. Of course, nobody expects that everyone will know these kinds of things. This is another reason why having a legal representative is a good idea. Another thing that can be of great is meeting with your personal financial planner before having your will drafted.
It is important for your partner
Whether you are unmarried to your partner, or you are in a common-law relationship, a will and testament can look after your partner. You can state if you want them to inherit some or most of your estate, and you must make that clear in your will. Otherwise, you cannot know whether they will get even the things you have shared with them for years.
Your pets will be taken care of
If you have one or more beloved pets, you need to make it clear in your will with whom you are leaving them in the case you pass away. This can be a friend, a family member, your partner, or anyone else. In any case, do not forget about this part of the will, as otherwise, they might end up without a home.
You can make donations and gifts
What many people do not know is that you can use your will and testament to make donations and direct gifts. If you have a specific charity in mind, you can leave them some money or property as well. You can do the same for a university you attended, or any other place you would like to have something that once belonged to you. Your family and friends are not the only ones who are allowed to be a part of your will and testament.
To make sure that your savings, house, car, or anything else are given to the right people after your death, it is crucial that you write a will and testament. Moreover, to make sure that your children, as well as pets, are left in good hands, it is important to do so as well.
If you were wondering about all the reasons having a will and testament is important, hopefully, this article has helped you!