It is human nature to avoid the topic of death especially our own. That’s likely why people put off making their will. But one thing is for certain we will all die sooner or later and as grim and morbid as the task may be, it is our responsibility to make sure our affairs are in order before that day arrives.
WHAT IS A WILL?
The Oxford Dictionary states that a will is, “a legal document containing a person’s instructions about what should be done with their property after their death”. In other words a will is what you want done with your stuff after you die – your final wishes.
WHAT DO I PUT IN MY WILL?
You’ve worked hard for everything you have and I’m sure you don’t want it to go to just anyone. Give it some careful thought but remember you won’t be able to please everyone. In your will you will need to state:
Who you want to carry out the instructions of your will. This person will be your personal representative and is usually not a beneficiary.
If you have any special wishes concerning your funeral list them here.
Do you have children? Who do you want to be their guardian should you and your spouse die at the same time?
What do you want done with your pets?
If you have some specific things that you want to leave to someone special or a charity or organization you would list this information here as well.
Make sure and include with your will a list of all your assets. This would include your bank accounts, investment accounts, location of stock certificates, gold bullion, etc. basically everything your own. It has happened before that several years after a person had died the family finds an investment account that they never knew about.
Remember to give a copy of your will to your representative or at least let him know where to find your will. The person who is your representative can then follow the instructions you leave him and see that your estate is wrapped up properly. This takes pressure off of your family who are grieving and perhaps not prepared to deal with the legal matters.
WHAT HAPPENS IF I DIE WITHOUT A WILL
Should you happen to die without a will then the government will step in. First an administrator will be appointed to act on behalf of your estate. This person will follow a set of rules to distribute your estate between your relatives. This could turn out to be a lengthy process which may leave your spouse and family unable to access your bank accounts or property.
Depending upon the value of your estate your spouse may receive it all or it may be split between your spouse and other relatives. Keep in mind the government representative will only split your estate between blood relatives.
It is also very likely that portions of your estate will end up going to people you would never have listed as beneficiaries. This could result in your spouse or children going to court if they want to contest the decision of the representative. Such proceedings have been known to cause family-splitting rifts and lawsuits.
Should you die without relatives then the government will claim the estate for itself.
As hard as it may be for you to sit down with a lawyer and draw up a will it will be even harder on your family if you don’t. By taking the time to make you will, you can die happy knowing the property you’ve spent a lifetime accumulating will go to the people you feel will appreciate it the most.