Why is it Important for People to Draw Wills?

Most people do not realize the importance of having a will until a family member or friend dies without leaving a will. You do not have to wait for too long to realize how important having a will can be. Even when you do not have much money and assets, a will is crucial. This is because it ensures that your assets are protected, your wishes are carried out when you pass on, and your loved ones are provided for in your absentia. 

The Importance of Having a Will in Canberra

Having wills in Canberra serves many benefits to the people writing them as well as their families. In this section, we will cover the importance of having a will;

  • Asset distribution

This is one of the major benefits of having a will. When you write a will, you can clearly outline how you would like your assets and possessions to be distributed upon your death. Unfortunately, those people who pass on without having will give the state the right to dictate how their hard-earned assets and possessions will be distributed. When this happens, your wishes will not be fulfilled since you did not write them somewhere so they can be followed after passing on. However, when you have wills, your assets and possessions, including your items and money, will be distributed to your loved ones according to your preferences. This also provides clarity amongst your loved ones, preventing potential disputes among your family members.

  • Providing for your loved ones

The other important thing is having a will and ensuring your loved ones are well provided. This includes spouses, grandchildren, children, dependents, and other family members. Individuals can choose beneficiaries who will receive certain assets or monetary bequests through the will. This will also include supporting minor kids, assisting elderly parents, providing for families with special needs, and funding educational expenses for the less fortunate. Additionally, it will help individuals express their wishes about how they would like their loved ones to be cared for, including financially, after their passing.

  • Nominating guardians

For those parents who have minor kids, having wills gives them the power to nominate guardians for these kids in case they are incapacitated or die. Unfortunately, when anything happens and one has no will, the court decides who will take care of the kids. For this reason, you must make sure you have the will to choose the most suitable guardians for your kids. 

  • Preventing family disputes

Most families experience disputes over asset distribution and inheritance because there is no clear plan. However, those people who leave well-drafted wills in Canberra ensure that there are no cases of family disputes. Instead, they outline how they would like to distribute their wealth to their loved ones.

  • Appointing executor

Another important thing about having a will is that it ensures one has appointed an executor. This is the person who administers an individual’s estate and carries out the terms of the will. They are also responsible for managing the deceased individual’s assets, distributing them to beneficiaries according to the will’s terms, and paying taxes and debts.

A will is for everyone in Canberra, regardless of age and financial situation. This is because it offers numerous benefits, as discussed in the section above. Ask the assistance of Canberra’s wills specialists if you need to draw up a will.