If you’re someone who owns a significant amount of wealth and you wish to distribute them accordingly to the right people when you’re gone, you need to learn how to write a will. It’s a legal document that indicates what assets will go to which family members or friends.
Without a will, once you pass away due to unfortunate circumstances, it will be difficult for your loved ones to decide who gets to keep your money and assets. While you’re still here, it will be best to assign people to assist you with creating and administering your will and picking out your beneficiaries, those you wish to obtain your precious possessions.
Keep reading below to learn more about making a will and why it’s a necessity to have before you go so that it’s not only good for you but your family as well.
Defining a Will
A will is an official document comprising your terms and conditions on how you wish to divide your riches and estate in the event of your death. It could be anything you own that holds great value, such as your real estate property, vehicle, shares, bank accounts, and insurance.
Knowing how you plan to distribute your assets by providing a legal guideline is integral not only to you but also to your chosen beneficiaries. Having a will can prevent your loved ones from making their own decisions, possibly resulting in misunderstandings.
As soon as you reach the legal age of eighteen, you are capable of planning your will with the help of an attorney who can protect your rights accordingly. You will also need to work with a testator, a professional in charge of helping people draft a will.
The Importance of Having a Will
In the event that you leave without a written will, your situation is considered an intestate. Since you didn’t indicate who gets to keep your precious wealth, it’s up to the court how they wish to divide your assets using a legal formula implemented by the laws of intestacy.
Due to the rules handed down by the government, it could lead them to sell off your real estate property and other family assets to allow your beneficiaries to receive their fair share of assets. Since you failed to create a will or a trust, your children, grandchildren, and other potential dependents may not acquire the finances they need to secure their future.
If you have any loved ones with disabilities and medical conditions that require funding, passing away without a will puts them at risk of getting better because they don’t receive financial assistance. For people who pass away without any relatives, their assets could end up under the government’s care, no matter how much value they contain.
Why You Require an Executor
As part of the creation of your will, you will need to hire an executor or the person you can trust to supervise your will and distribute your assets to your chosen beneficiaries once you go. If you want to ensure you won’t experience unwanted outcomes, it will be best to pick a person who has a legal background in dealing with financial matters and estate handling.
Most of the time, your executor will receive a commission for doing their job and watching over your estate and how you wish to give them away to the people you want. Although they end up getting caught in your endeavours, you can rest assured that you can trust an executor.
You can look forward to working with an executor to keep your will safe, handle funeral arrangements, apply for probate, acquire a death certificate, and tell your family about your plans. They will help gather all of your assets, prepare them for distribution, and manage any of your leftover debts, taxes, and expenses.
Understanding why you require a will before passing away is integral, especially if you have accumulated massive wealth through the years. When you leave and make sure to have a legal document stating what you hope to do with your assets, you minimize the chances of your loved ones fighting over who gets your valuable possessions. It will help to work with a will and estate lawyer to ensure your belongings remain safe after you’re gone.
Are you looking to hire will and estate planning lawyers near you in Ontario? Ontario Wills offers quality legal advice through video conferences to our clients in need. Get in touch with us today to plan your will!