What's the value of a will? Nobody likes to talk about dying.
But people die. It's an undeniable fact of life.
Intestacy
When a person dies without a will, it's not the end of the world. The deceased person's property will be distributed among his family according to the formula fixed by law.
But there may be better ways of dividing property.
That's where you'll discover the value of a will.
Dividing assets
For example, if there are four children and four assets, every asset will be divided among four children.
The deceased may intend that each asset be given to a certain child.
That's one way, a will becomes valuable.
Another consideration is that, the deceased may want to leave all the assets to his wife, instead of passing it on to his kids.
After all, kids can be immature, and easily conned of their inheritance.
But there's also a possibility that the surviving spouse squander the wealth and deprive the kids of their inheritance.
Spouse remarrying
A worse scenario arises when the surviving spouse remarries, and then passes away, while holding the bulk of assets. The new surviving spouse of the surviving spouse (who is now deceased) will then inherit a chunk of the estate of the deceased.
Where does that leave the kids?
If there was a will in the first place, it would be a valuable safeguard for unforeseen events.
Trustee
A person can appoint a trustee to deal with his estate after his death, according to his directions.
This is premised on the trustee being a trustworthy individual who discharges his or her duties honestly.
Value of a will is long term
A will can be a helpful instrument in helping family financial planning. In the right hands, there can be proper planning for years and years to come.
But a will can also be a simple instrument and still serve a purpose.
There's no way to place a price on peace of mind. It's priceless.
A will can be valuable , more than the fees that a person pays for his will to be drawn up.
And because a will can be revoked or superseded, it's not final until the point of death.
A will can be a way to establish an interim position and have it stand as the final version, if there are no changes required.
If you're interested in getting a will done, consider talking to a lawyer.
Thanks for reading.
Note: This article was originally published at my firm's blog.