The writing of a will or testament is something people don’t usually dwell on. Obviously they are usually associated with death, and when you are considering making your own will, it will more then likely bring your own eventual demise to mind. But none of us will live forever. So unless you have already made a written legacy, it is something you should really give serious consideration to.
So why should you make a will?
Most people want to leave their families and loved ones something when they die. It could be enough to give them a more comfortable future, or just something to help them remember you by. A will is a legal document which states exactly who gets what following your death. You may well think that you do not own enough to leave your family, so making a bequest is just not worth the bother. Your estate, what you leave following your death, is made up of your money, and any property and possessions you owned. You may not think you are worth a lot while living, but after you die you could well be worth a tidy sum through insurances etc. If you have made a will your estate will be divided between those people you stipulated in it.
So what happens if you die intestate? In that case one of the main beneficiaries from your estate will more than likely be the tax authorities, meaning that family and loved ones could well lose out on a large proportion of what you would have liked to have left them. In such cases the law is quite specific about who will gain a share, once the tax authorities have taken their cut. While the people who benefit will more than likely be family and relatives, it could be that you never wanted some of them to benefit from your estate following your death.
By making a written testament, what you leave following your death will be divided between only those you wanted to have a share. For that reason alone, you should most definitely make a will.
