So why should you create your will or testament now? It is important to think about your future as you age; but, more importantly, it can save your family from a world of financial hardship if you pass prematurely.
What Is a Will or Testament?
Your will, also known as a testament, is a legal document that you make at least a year before your death and is used to designate who will inherit your assets, as well as to state your wishes for the distribution of your estate. Your will is an irrevocable legal document, which means that once it is signed by you and witnesses, there are no further steps you have to take in order to legally execute it.
Learn more about the reasons why creating your will now is important in detail by reading below.
Your Family Can Plan for Their Future Early
How will my family benefit? If you create your will today, your family will be able to plan ahead for the future without the fear that it may be too late. Your children will appreciate you for dividing your properties according to what their best interests are. For instance, your eldest son shows interest in managing your car dealership business, so you might want to give it to him.
As early as possible, you should set up an educational trust for your children to ensure they will have a brighter future. They can use the trust when they reach the right age to fund their college education, Master’s degree, and even fund a business they want to put up.
Designate a Trusteeas Soon as Possible
You’ll never know when you’ll going to die, so it’s important to create your will as soon as possible. By doing so, you can assign a trustee of your will or an executor to ensure that your assets, like digital and physical investments will be put in good hands. You don’t want your assets to be distributed based on someone else’s judgement, even if it’s the court’s decision.
Valuable Tool to Determine Your Assets’ Division
Even if your will is not completed until well into the future, it can still be a very helpful tool for your family in your absence. For example, it allows them to determine how your assets will be split between you and your surviving family members.
In general, your children will receive your property such as your home, your car, and any other possessions you may have owned. Your family will also receive anything you made or sold during your lifetime, including things like art or collectibles, jewelry, and other items that would otherwise be subject to the wishes of the living. In short, all your financial investments, digital or physical, must be divided among your beneficiaries.
Provides You Peace of Mind
Writing a will early can also provide peace of mind, especially when it comes to thinking about your future and making decisions to prepare for their future. It is a great way to protect your loved ones in the event that something happens to you. Just make sure to update your willperiodically to ensure that all your final wishes will be carried out according to your plan.
Ensures That You Have a Decent Funeral
Having a will is a representation of the kind of life you have lived after you die because it only shows how loving and organized you are as a person to your loved ones. And your funeral will reflect the best final plan you have for yourself once you depart.
As much as possible, you want to have a memorable funeral, wherein your family won’t need to worry paying the funeral expenses. You deserve a good funeral service because you have worked so hard and your body must be respected at all cause. Think about how your funeral plan will impact your family.
Here are some tips when creating your will to outline your funeral wishes:
- Ask Yourself Some Questions: Does it matter if your will specifies that you want your ashes scattered at sea, buried in a garden, cremated, scattered to other people, etc.? What material or color of coffin do you prefer?
- Consider Your Traditions: It is crucial to ensure your loved ones will follow your culture and traditions when you depart. For instance, you can state in your last will whether you want your corpse to be buried in your native country next to your parents if you’re residing abroad.
If you haven’t done so yet, make sure that you create your will now. The last thing you want to do is to leave your family in a situation where they have to spend the rest of their lives worrying about whether or not they have the money to spend for their basic needs, education, medical needs, and other things to survive and live a happy life.