Taking a moment to think about our own deaths is not something we often like to do. Unfortunately, this is an extremely important action that we all must do at some stage in our life, so we can afford the appropriate consideration needed to protect our loved ones, at least financially, once we are gone. This process is known as estate planning, and with the help from a professional in the field, it can be a fairly straightforward procedure. In this article, Terry Johnson Legal explore why a will is needed, and what happens should we fail to create one before we die.
Why Do I Need to Create a Will?
If you have spent a lifetime accumulating a range of property and financial assets, there’s a good chance that you have also done so to help care for and protect your family. Establishing a will enables you to forever be in charge of how those assets will be handled, treated and distributed once you pass, as it is a legal document stipulating your expressed intentions that must be followed. Executing a will under your wishes means the people you love will have the support you intended for them, as quickly as possible, and in a way that meets all financial obligations
What Happens If I Die Before Making My Will?
Failure to conduct proper estate planning may result in your family and friends being left with a legacy you did not intend for them to receive. Without a will, there can be no guarantee any personal or financial wishes you had will be followed, as all assets will be appropriately distributed under the general rules of Intestacy. Many people would find these unreflective of their own preferences for distribution, as it can mean your spouse may not receive entitlement to your estate, children may not receive preferred guardianship, assets may be forced to be sold in order for other beneficiaries to obtain their share of assets, and, of course, people who you believe shouldn’t be entitled to your property may be awarded a portion. Essentially, without a plan or will in place, you are leaving the government in charge of making the decisions around asset distribution for you.
How to Create a Will?
To ensure you have followed all the necessary steps to create a legally-bound document for your will, as well as receive proper advice on estate planning to guarantee the best protection possible for your family, contact Terry Johnson Legal today.
