If only people have the ability to communicate with their loved ones after they die, a lot of legal proceedings can be avoided in court just because a deceased person did not leave a will behind. No such court contests would be necessary.
It is a quite common story: family members fighting over who gets and what, and other people suddenly showing up saying that they have a rightful claim to whatever was left behind, and so on just because there is no will.
Sadly, this does not only happen in movies, or to rich people. Individuals who do not have a will, or do not even know what a will is, are fairly common. The lack of will and preparation for one’s death is not something a person, especially young ones, would prioritise.
However, having a lawyer here in Townsville who can help you draft one, no matter how simple, or how little your assets are, is better than not having anything at all. Remember, death comes for anyone at any time. Therefore, being prepared is very crucial.
What is the last will?
Because there is no way to communicate with the dead, a person’s will can be seen as their way of laying down their wishes and goals on what to do in the event of their death. A will, no matter how simple and how short, is legally valid if it has gone through the proper legal process, usually with the help of a lawyer.
Once you have your own will, it is essential to keep it in a safe place. It should be a place where your executor knows about. Updating your will regularly will also be necessary to make sure that your wishes are up to date and can be carried out properly despite the changes happening in your life.
Anyone who has an asset needs a will. This means, regardless of whether you are a young adult who just entered the workforce or a retired one who is starting to enjoy life after years of working, having a will in place is necessary.
Why is it important to have a last will?
One of the most common reasons why people opt to have a will is to make it easier for their families to separate the assets left behind. Conflicts between siblings, relatives, and other remaining loved ones can be avoided if there is a will in place.
A person who has no will usually have his or her assets separate based on the standard given by the law. The outcome is rarely the desire of the deceased so having control of your own assets while you still can is important.
Lastly, having a will allows you to leave something beyond your families and relatives. You can leave your assets to friends and institutions deserving of your possession. This can also help reduce inheritance taxes that usually take a considerable chunk of the amount left behind.
Now that you are familiar with how a will works, drafting your own, and working with a lawyer as early as you, can is essential. There is no such thing as too early because no one really knows when their time on earth is up.