You may have heard others voicing out there's no need to write a Will as a person's estate can still be inherited without one. Or that it makes no difference for me to write my Will as I don't have any assets or I will give them away when I am old and before I die. Are these points of view true?
Well, let's debunk this by looking into this matter objectively. Please allow us a couple of minutes of your time to get the correct and proper understanding. You have a lot more to gain and nothing to lose really.
So to get straight to the point, we have surmised all the important benefits of having a Will here for you.
Control Over Asset Distribution: A Will allows you to specify exactly how you want your assets, such as property, investments, and personal belongings, to be distributed among your loved ones.
Appointing Guardians for Minors: If you have children under 18, you can designate guardians to care for them in the event of your passing.
Creating a Testamentary Trust: If you have children under 18 or young adult children without your experience in handling your business or their inheritance, a Will can contain a testamentary trust to protect these beneficiaries and preserve your assets.
Reducing Family Disputes: By clearly outlining your wishes, you can minimize the potential for disagreements among family members about the distribution of your estate.
Minimizing Exposure to Creditors: Proper planning (that will take place when writing your will) may bring to your attention the possible need to set up a living trust to protect your assets against creditors of your estate.
Avoiding Intestacy Laws: Without a Will, your estate will be distributed according to the laws of intestacy, which may not align with your wishes. Click here for the distribution fixed by law if you don't have a Will.
Expressing Funeral and Burial Wishes: You can include your preferences for funeral and burial arrangements, ensuring that your wishes are respected.
Protecting Vulnerable Beneficiaries: A Will can provide financial protection for dependents who may not be able to care for themselves.
Appointing an Executor: You can choose a trusted person to manage your estate and ensure that your wishes are carried out fully.
Having a Will gives you peace of mind knowing that your affairs will be handled according to your wishes and can provide significant relief to your loved ones during a difficult time. Hence, writing a Will is highly recommended.
We, at Generations-ASIA can assist you in writing your Last Will professionally to ensure all the above points are yours to benefit.
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