A last will and testament is a legal document which lets you know what happens to your estate upon your death. But a recent survey found that almost two-thirds of Australians do not have a will.
If you happen to be one of them, you need to realize that there are lots of reasons for having a will. In the event you die with no will, important decisions are left to the courts of your home and state laws. You are going to have no say in who gets your property along with other assets. Not having a will also makes it harder for your loved ones to deal with your passing.
Here are ten good reasons to create best online wills today:
1. Conserve time, money, and anxiety for your family members.
In order to begin the legal process of distributing assets, most estates must go to probate court. When you do not have a will, however, the intestate administration process can get complicated. The court will have to appoint an administrator to manage your estate without a will. This can be pricey, time consuming and even contentious for your family members.
Streamlining the court process is one of the main reasons you want to have a will. If you’ve a will, you are able to pick the individual you wish to manage your estate, making it much easier for your family.
2. Find out who will oversee the administration of your estate.
Having a will is a great way to decide who will be in charge of your estate, as we mentioned above. By writing a will, you become a “testator” as well as the chance to nominate an “executor.” This is the individual who will manage all your affairs.
It’s an important job to be an executor. They can be responsible for everything from closing accounts to liquidating assets. So, you need to select someone who’s competent and whom you trust to perform these tasks. In case you do not name an executor, the court is going to choose one for you, and that person may not be the one you want.
3. Determine who gets your property and assets – and who doesn’t.
Many people understand that online wills allow them to decide who gets their property. As the testator, you can name individuals as beneficiaries for particular assets. You may also name the “heirs” of your estate for any property you don’t list as beneficiaries. Your executor is going to oversee dispersing these assets in the event that your will leaves no residue.
You may not realize that you can also put a will in place to make sure that some people do not receive anything. You might want to prevent your ex-spouse from getting an inheritance, for example. Or perhaps, in the event that one kid received your assistance through college, you may want to make certain a second kid gets their fair share, also.
4. Pick the person who will look after your little kids.
If you have minor children, you can nominate a guardian through your online wills. If one parent dies, the surviving parent will generally get sole legal custody. One of the most important online wills is to have a will if both parents pass.
A guardian is in charge of providing your children with everything they need for their daily lives, including food, clothing, health care, education and housing. And if you do not choose a guardian according to your will, the court is going to have to pick one for you. This might suggest that somebody you wouldn’t have chosen will be raising your children.
5. Give your pets a place to live.
There is a good reason for having online wills, other than having a pet. It is possible to make certain somebody takes proper care of your pet after you die, with a will. Animals are regarded as property by the law, so you cannot leave some assets for your pet with your will. You can leave your pet to a dependable buddy or family member, but you must name a beneficiary. It is possible to ask the individual to serve as a caretaker or guardian for your pet, and also leave them money to provide for your pet’s care.
6. Leave directions for the management of your electronic assets.
Your electronic assets could include photos or videos, digital files or property (Facebook or email accounts). You can designate a digital executor who will manage these assets once you die, in your will. You can give them to specific individuals and include information about how you would like them handled (e.g. if you want to close an account).
7. Reduce the chance for family disagreements.
There is a good reason for having a will, especially if your family dynamics are complicated. If you die without a will, your loved ones will need to guess what your last wish was. But then again, they most likely won’t always concur. This ambiguity can cause friction and fights, which can last a lifetime. By getting rid of the guesswork, creating a will resolves the problem.
8. Leave a legacy for your loved ones and support your favorite causes.
After they leave this world, many people want to make a positive impact on it. And a terrific way to accomplish this’s supporting the organizations or causes you like most. You are able to leave a portion of your estate to a good cause when you write a will.
This is super easy to do if you use online wills platforms to create your will. With just a few clicks of a button, you can easily select your favorite causes.
9. Provide funeral instructions.
You might not want to consider your funeral. However, in case you do think about it today and also leave instructions with your online wills, it is going to be a lot more painless to ease the burden of your loved ones after you die. Although these directions are not legally binding, they’ll provide your executors and family members some direction in your wishes.
Along with these directions, it is possible to name a funeral executor to oversee the process, suggest a location and service for the service, ask for a final resting place and more.
10. It is not hard to create a will and gain reassurance.
Many people think that their loved ones will inherit their estate automatically, so they don’t bother with creating a will or updating their online wills. This is not always true. For your heirs, probate can be a costly and long process. In addition, online wills deal with your present circumstances. You need to update it as time passes as your requirements and the individuals in your life change.
You can make or update your will so that your loved ones know what to do after you pass. This is one of the main reasons you want a will, and it gives a lot of people peace of mind.