When a person dies and leaves behind assets to be distributed, families, especially the big ones, often experience disputes on how to distribute the wealth. For instance, if the deceased passed on his or her ancestral home to his or her 5 children, there will be 5 different options on how to divide the properly. Some would want to sell while others want to keep and maintain. And somewhere in between, important family heirlooms end up getting lost forever in the legal battles.
This is why many people see the benefits of creating a will to help prevent any future disputes in the family. Here are 4 reasons why having a will is important.
1. Your Decision Stands (even if you’re no longer there)
Connollysuthers and other firms may agree that under the QLD family law, your rights are protected even after life. The decisions and instructions you indicate in your last will and testament will hold in court should any dispute arise. You will get to decide who gets what and when they get it.
2. It Promotes the Smooth Transition of Assets
If you have a business under your name, a will helps you decide who will inherit it and how much each heir gets. This is quite important for families who have a long history of businesses that are kept within the bloodline. A will can also help businesses in successor planning.
3. It Solves Disputes Even Before It Starts
Inheritance and transition of assets can make or break a family. Having a will allows a person to leave specific instructions to the family following his or her death. And by law, the family has no choice but to follow them unless they challenge it in court. Having a will lessens any tension that could be brewing within the family.
4. You Can Leave It All to Charity
If you don’t have children or family to give your money to after you pass, you can leave it to charitable institutions. Having a will ensures that the money goes where it’s supposed to go.
While having a will is not for everybody, if you do think you need one, sit down with your lawyer and get it done. It’s a way of protecting your assets even in death.