There are many reasons to make a will. Here are 10 benefits of making a will.
When you die, you can choose who will inherit your property or benefit from it. They will also cover self-acquired property. This allows you to decide who should inherit your property and when. If you don’t make a will, and you die, PNDC Law 111 (“the law on intestate succession”) will apply to your property. It will determine who gets a portion of your assets, such as your spouse, children, or parents, and any customary successors. You won’t have any control over the beneficiaries of the property that you worked so hard to obtain.
The executors are the people you choose to manage your estate and family assets after your death. An executor could be a relative, friend, or professional like a lawyer.
A will reduce the possibility of disputes following your death. There is very little chance that anyone will cause problems by naming the beneficiaries and executors of your estate in your will.
You can also give property or items to people other than your family. This includes drivers, house helpers, employees, grandparents, nieces and nephews, friends, and confidantes. These persons will not be recognized by PNDCL111 if you die without a will.
To manage the money and property that your children inherit, you can make trust by making a will.
Your executors will assume the role of a shareholder if you own a business. You can provide them with instructions on how to dispose of your company interest after your death.
A will is a way to show how much you care about your loved ones. It saves your family, friends, and loved ones a lot. Letters of Administration are required to collect and share assets of a deceased person. It can be time-consuming, emotional, and draining.
When you make a will, you learn how to keep track of your assets and liabilities. You can protect your assets well once you have made your assets available to certain people in your will. Your liabilities are also reduced since your assets would be distributed first to beneficiaries before your liabilities.
You can designate your wishes regarding organ donation and burial, as well as your preference for a cemetery. You have the option to choose whether you want your family to accept “adesiede3”, donations, wreaths, tributes, and so forth.
When you make a will, you feel confident about yourself. It’s a liberating experience. It gives you peace of mind and allows you to live your life without worrying about the future.
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