Why Is It Important To Make a Will?
A will is one of the best gifts you can leave for your loved ones in the event of your death. By making a will, you ensure that your estate is distributed according to your wishes and you will also spare your loved ones from unnecessary trouble in the Court application to enable the administration of your estate.
What happens if you pass away without making a will?
- Your estate will be distributed by the District Land Administrator (DLA) according to the Small Estates (Distribution) Act 1955 as per the Distribution Act 1958.
- persons to whom you may not intend to give anything may be entitled to a portion of your estate.
- you miss the only opportunity you have to appoint a trusted person as executor who could apply to Court for a Grant of Probate to administer your estate.
- you may end up causing unnecessary conflicts in the family about who should rightfully (as opposed to legally) be entitled to what
Hence, one answer to all these problems is to avoid intestacy (i.e when you pass away without a will) and have your will written as soon as possible.
Five Reasons to have a will
- You decide how your estate will be distributed.
A will is a legally-binding document that lets you determine how you would like your estate to be handled upon your death, where it helps determines the “who, what, and when” of your estate
- Avoid a lengthy probate process.
Generally, all estates must go through the probate process, with or without a will. However, having a will, speeds up the probate process and informs the court how you’d like your estate be divided. Probate courts serves the purpose of “administering your estate”, and when you die without a will, the court will decide how to divide estate without taking into account of your intentions, which can also cause long and unnecessary delays.
- Allows you to appoint a guardian
If there are children aged under 18 (minors), it is important to write a Will now. Absent of a will, the court will take it upon itself to choose among family members or a state-appointed guardian. Having a will allows you to appoint the person you want to raise your children or, better, make sure it is not someone you do not want to raise your children.
- Because you can change your mind if your life circumstances change.
Having a will gives you the opportunities to change it at any time while you’re still alive. Life changes, such as births, deaths, and divorce, can create situations where changing your will are necessary.
- Saves Money
Without a written Will, the deceased is considered to have died intestate. The heirs need to apply for a Letter of Administration (LA) instead of Grant of Probate (GP). The legal fees are higher for the application of an LA because it requires more documentation, and it takes longer to get one.
Therefore, having a will is arguably one of the most important things you can do for yourself and your family. Not only can a will legally protect your spouse, children, and assets, it can also spell out exactly how you would like things handled after you have passed on. As we all know tomorrow is not promised and sometimes the realization that wills are necessary comes too late, such as when an unexpected death or disability occurs. To avoid the added stress on families during an already emotional time, it may be wise to make a will for yourself, before it’s too late.
