We frequently put off things to complete later. With a WILL it can become too late. People think they do not need a WILL because their monetary possessions are few, or that there is nothing to leave anyone. However, regardless of your possessions, you need a WILL.
First and foremost children should be considered. Death is unpredictable, young children are often orphaned without instructions on their care and education. Not only does this leave loved ones traumatized, it is often followed by battles about who should take care of the children.
Secondly, without a WILL, your assets, possessions and valuables will be divided up without any input from you. Should your jewelry have gone to your niece instead of your ex-wife? The antique radio, your son loved, claimed by an aunt? If you do not have a WILL, then your ex-spouse or estranged family could lay claim and make off with your sentimental items. Battles and lengthy litigations have ensued from current and former spouses, children and step-children, siblings and distant relatives over estates. After lengthy and expensive court processes, the court deciding to split the value between all parties, is not what you may have wanted, resulting in those that were entitled to the possessions probably not receiving what you would have wanted them to have. Properties that have been thought to pass down to the next generation, or have been left to the council, have caused battles in courts with distant relations claiming ownership. These cases are frequently tied up in probate court for years.
Even if you are not leaving behind a large estate, your assets will still be divided without any regard to your wishes, if you do not have a WILL. The probate court will use a pre-determined legal formula to decide who gets what and how much. Do not leave your money’s fate to chance. Take control of what happens with your estate by getting that last will and testament done as soon as possible!
As our Jamat becomes more global, many of us have acquired assets around the world. Not leaving clear instructions, could have estate taxes devour a sizeable portion of the money you leave behind! Both the federal and state governments get a piece of your fortune, and when your estate ends up in probate court, the portion taken out will be even higher because of legal fees. Since you probably didn’t work and save all those years just to benefit the government and the legal system, prepare a will.
Prepare you WILL, do not leave it until it is too late.