Making a Will is a good practice of financial housekeeping. Most people do not like to talk about dying and are uncomfortable because it can be emotional and difficult. Here are several good reasons why you should have a Will.
1. Avoid, or at least reduce, estate taxes.
2. Don’t leave your children to the care of the government, name a legal guardian for any children you have.
3. Don’t leave your family who are mourning for you in a mess handling your estate. Appoint an executor to handle your estate and/or resolve any disputes over your estate.
4. You have no assets, no bank account and nothing of monetary value, but maybe you have items of sentimental value that names may need to be placed on them.
5. If you have children, preserve your assets by setting up a trust fund.
6. You are single and have no dependents. Make sure that what you have assets, those items that have sentimental value, etc. are appointed to who you want them to go to .. .don’t let the government decide … maybe there is no one to leave your estate to big or small .. .maybe the local hospital, or a child in need in your community could use the estate funds for education, food shelter…
7. You own a business – YOU NEED a succession plan for your business.
