From being able to decide on how your assets will be distributed to faster court process to knowing that you can’t control what will happen tomorrow or in the future, these are all highly valid reasons for having a Will today.
1. You get to decide how your assets will be distributed. This means that you will be able to allocate your assets according to your desires. With a Will, you can override what the law provides regarding distribution of assets (for example, without a Will, your parents may get a portion of your assets even if you have spouse and children).
2. If you have kids, you get to decide who will be their guardian. This means you get to decide who you want to leave your kids with rather than leaving it to the court process to decide who will raise your kids for you. Think also about the unfortunate event that both you and your spouse die at the same time. It is important to name a guardian for your young kids.
3. Faster court process. With a Will, issues including who your executor should be and how your assets will be divided are already decided. The court will be able to grant the probate order much faster before the asset distribution process can happen.
4. You don’t know what will happen tomorrow or in the future. Death can happen very unexpectedly. A car crash or a disappearing airline can happen to any of us without us being prepared for it.
5. If life circumstances change, you can always write a new one. A Will is not a one-time document. You can always update your will if your life circumstances change for example, if you get married or if you give birth.
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