Four reasons why everyone should have a will

1. A will helps you exercise your rights

A will gives you the opportunity to exercise your rights and to decide where your assets go after your death. If you prepare a will according to the law, your wishes will be respected.

If there is no will, your estate will be distributed according to the laws of your country. These laws are generaly inflexible and may not take into consideration the care of people or organizations you wish to remember. The way to ensure your wishes are followed is to have a will.

2. Existing laws are inadequate for most situations

Existing laws are inadequate because they’re impersonal. They don’t make exceptions. They may perhaps deplete your estate unnecessarily by, for example, requiring the court-appointed administrator be bonded. The laws also “fly blind” trying to guess your desires concerning who should be your administrator, or who should be guardian of your children if they are minors. They also cannot make charitable bequests, or gifts to organizations such as Greenpeace which you supported in your lifetime. Only a properly prepared personal will can do that.

3. Even small estates need a will

The smaller the estate, the more important that it be settled quickly. Delays usually mean more expense. Besides, your estate may be larger than you realize. Don’t make the mistake of thinking of your property in terms of what it cost originally. In many cases, its value may have increased substantially.

4. Everyone has an estate that must be settled

If they own anything at all, a person has an estate. The term applies not just to real estate, but cash and bank accounts, cars, furniture, books, bonds, jewellery, family heirlooms, works of art … any property at all.