Whether we like it or not, death is a reality that we all must eventually face. Now, if you’re one of those “get it done later” types, it might tempt you to not write a will regarding how your assets will be divided to those you left behind.
When this happens, you have died “intestate,” and this can have a lot of unwanted consequences. Hobbs Giroday Barristers & Solicitors will say the same. To avoid these consequences, you have to write a will, and there are a lot of estate litigation lawyers in Vancouver BC that can help draft it.
Consider writing your will the most important resolution that you can do this year. If you have set it aside for too long, here are three reasons you should do it now:
Prioritize your children
You can only nurture and love your kids from this side of the grave. If something fatal happens to you and you don’t have a will, the faceless legal system will take over the guardianship of your children.
Do you want the legal system to do that? Surely not, but if you have a will, you decide ahead of time about these matters.
Take control of your assets
Without a will, your assets will be divided among your heirs without any input from you. Who gets what will depend on a system that did not even contribute to how you built your estate.
Did you want your daughter from the first marriage to take the lion’s share of your property? Who knows, your second wife might play the bandit and take over everything. Can you imagine what family events would look like later?
Avoid paying huge estate taxes
Before any of your loved ones can fight over your money, taxes will devour a considerable portion of it. Your estate will end up in probate court all because delayed making a will, and time caught up on you.
The amount taken out will even be more significant because of legal fees. Did you save your money all those years only to benefit the government?
There are a lot of reasons to write a will, but these are the three most important ones. Now that you know it’s importance, what are you going to do about it?