In simple words, the ‘WILL’ is a document that lets the beneficiaries or your family members know who will own your assets or estate. This legal document sets forth your wishes on how your property will be distributed among the family members. However, your wishes may not be carried out if you do not have the ‘Will’ or this legal document. On the other hand, your immediate heirs need to spend extra time, money, and effort seeking and settling who will get the property after your death.
No single document or testament resolves the issues arising after the death of the family owner. But, Will is taken as the last testament or legal binding document that comes pretty close. People usually mention aftercare of their children after their demise, distribution of assets, jewellery, and much more. Experts suggest preparing Will before a witness or a legal attorney to avoid any conflict.
What Happens When There Is No Will?
The Will is a legal document that helps avoid any struggles faced by the families. Sometimes, people die without a Will, or they die without an Intestate. In this case, the property and money are divided among the family people according to the land law. Every country or region has different laws regarding the distribution of property/money. If you die without a Will, the court will decide how to distribute it further.
The absence of a Will causes many problems for the heirs or beneficiaries after the concerned person’s death. Moreover, the person dying Intestate or without a Will may have other wishes, but after their death, the assets/money will be distributed according to the Succession Law. These laws are applicable country-wise, religion-wise, state-wise, etc. It goes like this:
- People who will be first in line to receive a deceased person’s property will be their spouse and children if the spouse is dead.
- If the dead person does not have kids, property gets distributed among their siblings.
- There is a rare chance that if the deceased person has not married or never had children of their own, and they were alone, then the property/money will get distributed among the distant blood relatives or relatives of male or female lineage.
- In a few cases, if the deceased person’s parents are alive, they will be the first-in-line recipient of the property and money.
Note: If a person who dies has a surviving partnership in the estate/property or money, the half money will be distributed as per Succession Law above, and half of the property will go to your partner. However, the beneficiaries need to check the partnership rules with their attorney.
Does Dying without a Will Attract Burden?
Yes, in many cases, if the children are young and have proper knowledge about the property distribution laws, it can create unnecessary conflict. The property, which is Intestate or without a Will, and has some taxes or outstanding debts, also needs to be paid first. Now, this is again applicable according to the law of the land. In many cases, heirs will get the property only after the Succession Law executor pays the debts and taxes. To avoid all this chaos, it is necessary to write a legal testament or a Will.
Why Creating A Will Is Important Nowadays?
Most people commit the huge mistake of not having a Will or a legal document mentioning the distribution of their wealth. When you have young kids, you can provide a testament in front of the lawyer to avoid any conflict. Death is inevitable, and it can happen at any moment. If you are in your old age and the head of the family, Will plays a vital role in avoiding conflicts.
Apart from this, there are many good reasons to possess a Will.
- As a head of the family and business (if any), you can decide who will get how much share in your assets and estate.
- If you have some estranged relatives who can harm your family at a later stage, you can always prepare a Will to save your family and kids.
- After your death, your beneficiaries or heirs will get easy access to your assets without wasting much time and money.
- Moreover, if your kids are young and you have some deadly disease, a Will can decide who will take care of your children. If there is no legal testament, then the court analyzes the whole family scenario.
- If you want to save a large amount of estate tax after your death, you can always gift or contribute to charities. It will save your children or heirs from paying any estate tax.
These are a few reasons you should always possess a Will. One thing worth noting here is that this legal document must be in written form, or a testamentary will must be written. It will help in carrying out your wishes without any hassle. It is a common form of Will or legal testament that you prepare and sign before your lawyer or any witnesses other than your heirs or family members. The Will works as the safety layer for any challenges that your family may face if there is no Will. A person can prepare a written Will too, but it is good if it’s written and signed in the presence of the estate attorney keeping in mind the state laws.
A Will works as an advanced plan for safeguarding your family’s future. You can visit a legal attorney and ask them about the whole process. The written Will provides peace of mind to the seniors/elderly, as there will be no rivalry among their children after their death. Moreover, the Will lets the people of your family know about your last wishes so that they can respect them too.