No one likes to think about what will happen to their property when they die. It is even more hard to discuss the property will with your loved ones. But your home is one of the most crucial assets that you ever own in your life.
Well, a will is an essential document that includes instructions on how your assets will be distributed in case you pass away. Your assets include any type of property, residential or commercial, your pension, gold, any savings, etc. If you have assets in a will and the name of the person who will receive those assets, it will help you. You can make sure that your property is passed exactly the way you want.
Below, we will explain why it is important to include assets in a will.
Let’s get started!!
What Is A Will?
A will is an important document that most of you do not think about, it is something that we all require. The main objective of will is to ensure that your asset will be distributed the same way you want. Another purpose is it helps you to select a guardian for your children and avoid any disputes between your loved ones.
When Do You Need To Make Property Will?
It all depends on when your circumstances change. For example;
- After buying a residential or commercial property.
- Divorce or marriage
- Having Young children
- Obtaining high investments
Most of the time, people create a property will because of increasing health issues. While creating a will, you can seek assistance from a property lawyer or legal adviser. This is because you need to prepare all the legal documents, choose the executor, and much more. So, they help you to be free from stress, save your time and effort and give you legal advice.
What Happens When You Do Not Make A Property Will?
If you do not create a will, then your property will not be distributed according to the way you want in case of your death. Your partner, children, or loved ones may not acquire the protection that you desired. The process of completing your estate will be complex, expensive, and time-consuming without having a will.
Importance Of Having A Property Will
Creating a will is one of the best ways that help you to provide your assets to your loved ones. Below, we have mentioned the importance of having a property in a will.
Protecting Your Estate
You, your property, and your family need to be protected in the best way in case you die. While making a property will, you can get help from reputable and experienced solicitors or conveyancers. They ensure that they cover your property according to your preferences.
Moreover, creating a will helps you that you can only receive a specific amount or certain benefit from the inheritance. And after you die, the remaining amount of money, savings, or investments pass to your family members or loved ones. This means the conveyancer or property lawyers help you in protecting your estate and preparing the papers so that it is inherited by your partner or children as you desired.
If a property will is well managed or drafted, it avoids quarrels with your family members. It is drafted by experienced and reputable lawyers that ensure that your property will is managed and distributed the same way you want.
On the other hand, if the will is poorly drafted or managed, it can create disputes between the beneficiaries and the other parties. These disputes may last for many years and can destroy families. However, it can be avoidable if the property will is well prepared.
Help You To Select A Guardian For your Family
While making a will, you can select a guardian for your children. In most of cases, if one parent dies then the other gets legal custody. But in some cases, if both parents die, the guardian you choose will take care of your children’s daily requirements. These include their food, healthcare, education, housing, and much more. That’s why it is necessary to make a will before you die.
Additionally, if you are not creating a will, the court will select the guardian for your children. It could be the one that you never want to choose.
Save Your Time And Money
All holdings pass to the probate court for the legal process. When you do not have a property in a will, the process can be complex, and then the court assigns a representative that manages all your legal processes. As a result, it can be costly, time-consuming, and argumentative for the whole family members.
On the other hand, if you create a property will, the legal process will be simplified and not create any problems for your loved ones.
Removing Third Parties From Your Will
By making a will, it is possible to remove any individual or certain family member(to whom you do not wish to give your assets) from your property will. It will exclude people whom you do not want to give your assets to after your death.
Additionally, you need to know that the law shields some people from exclusion from your inheritance. The individuals that are excluded from the assets have the right to claim a portion of the inheritance. A document can be made according to Testators Family Maintenance Act 1912 (TFM claims). These are specified for the below people;
- Your partner
- Your kids(step-children, adopted)
- Your divorced spouse
- Your parents
For this, you can take legal advice from property lawyers or solicitors while preparing your will.
Know The Validity Of The Will
The property will expire if you have not drafted or signed it properly. Also, you need to update your will when there is a divorce, marriage, death, or birth in your family. Moreover, a property lawyer will assist you with when to update the property will.
The first step of making a will is to collect the list of assets including money, savings, pension, and other assets like cars, jewelry, etc. You need to add these assets to your will and also add the name of the person who can receive them.
Additionally, while making a will you need to keep several things in mind. Executor name, your relationship with them, a proper detail of your asset, and much more. All this will be helpful for you while creating your property will and ensure easy distribution of assets among your family members.