Your last testament is the document that allows you to describe what will happen to your assets and your loved ones when you die. Unfortunately, the majority of people die without a will. This means, they take no decision on their own and leave all the decisions to the court. There are many benefits you can reap if you make a timely decision of having a testament. A few of them have been discussed below:
- Writing a will helps you decide who will get your assets and who will not:
People need to decide property distribution on their own. When people write their last testament, they enlist the names of their beneficiaries. In some cases, people also enlist "state residuary" which are those people who are not beneficiaries. If you want, you can also ensure that no one can get anything from the assets you leave behind and everything goes to charity.
No doubt, deciding on property distribution is too difficult. If you are living in Australia, statetrustees.com.au can help you in distributing the assets. Visit the website of state trustees and learn more about how they work and provide their services
- It helps you manage your digital assets:
These days, digital assets such as social media accounts, domain names also have a lot of significance. People who want their digital assets to be handled generally hire a digital executor who does the job of executing this part of the will after their death.
- You can take care of your minor even after your death:
Parents are usually concerned about their minor child and the thought of leaving them behind intimidates them. Therefore, they write a will and nominate the guardian of their child who is responsible to take care of their child until he reaches the age of 18.
- The will leave no potential for family disputes:
We often feel that our family dynamics are complicated and there is so much to deal with. When a person dies with a complex family structure, there are lots of matters for people to fight one. If there is no will, no one is instructed and therefore, family members don't agree on what to do and how. When you have a written testament for everyone in the family, you simplify lots of things since there is a big role played by the testament in dispute resolution
- You control your matters yourself even after death
When you write a will, you take control of everything that will happen with you and with your property. You can instruct your family about your funeral and this way, you make your wishes come true even after you have departed. These days, you cannot depend on anyone for sorting things out for you when you have gone. It is recommended to rely on yourself only and write a will that works and makes you peaceful from inside
Published by Alison Lurie