Many people spend their lives accumulating wealth but do not have an estate management strategy to determine how to manage their wealth once they die. A will is a legal document detailing how you would want your property managed after death. If you have second thoughts about writing a will, below are a few reasons to write one today. 

Property Division

Everyone would want to leave a lasting legacy. However, not all beneficiaries have the competence to manage your wealth. For instance, while some would like to grow the family estate, others would prefer to sell it. A will allows you to divide property among beneficiaries depending on their interests and competence. For instance, you could bequeath the family business to a beneficiary who shows interest and passion in running the enterprise. A benefit of wills is that you do not have to divide property equally among beneficiaries.

Moreover, you can include beneficiaries who are not your family members. For example, you might want to reward your loyal friends with cash, jewellery or expensive paintings. You could also donate some of your wealth to your favourite charity. If you die intestate, you do not have any control over how your wealth is divided. 

Avoiding Family Disputes

If you die without a will, each beneficiary will have an opinion on managing your wealth. As a result, the family gets into a never-ending conflict that damages relationships. Moreover, people who may not be part of your immediate family can lay claim to your wealth. For instance, a mistress could claim you have a legal obligation to provide for them. The courts listen to these arguments and make a ruling considering the needs of each party.

Conversely, a will allows you to decide whom to include or exclude in your estate management plan. For instance, you could include a no-contest clause that bars anyone from disputing the document. Although your beneficiaries could be displeased with your decision, they do not get into conflict since none of them influenced your decision. 

Taking Care Of Underage And Incapacitated Beneficiaries 

A will is your best bet for taking care of underage and incapacitated beneficiaries who do not have the competence to manage the property. Typically, you set up a trust and state the conditions they must meet to gain absolute rights to their inheritance. For instance, your kids could gain access to their inheritance once they complete college. However, they could receive proceeds once they attain legal age.

For more information on wills, contact a professional near you.

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