Your will informs everyone what must happen to your possessions, property, and money after you die. If you do not leave a will, the law will determine how your estate is passed on – and it might not be according to with your wishes.
4 Reasons why you should have a will
- A will makes it easier for your friends or family to sift everything out as you pass away – without a will this process may be more stressful and time consuming.
- If you do not create a will, everything you own is going to be shared out in a standard way that is defined by the law – that is not always the way you may want.
- A will may assist in reducing the quantity of Inheritance Tax which might be payable upon the value of the money and property left behind.
- Creating a will is particularly crucial if you have kids or additional family members who financially depend on you, or if you have a desire to leave something to those outside of your immediate family.
Your wishes and who’ll carry them out
Your will informs individuals of two things:
- who should have your property, possessions, and money when you die
- who’ll be in charge of organizing your estate and carrying out the directions you leave inside your will – this individuals is named your ‘executor’, and you may name more than one individual if you so wish
Also, you may use the will to inform others about any other wishes you have, such as cremation or burial instructions. The executor will do their best to ensure your wishes are carried out, so long as they do not involve breaking any law.
It may not always be possible to carry out your instructions yet if you have a will there is a better opportunity for things occurring the way you want.
For more information contact Orlowsky & Wilson, Ltd today at 847-325-5559.