Importance of having a last will and testament

Many people recognize the importance of having a last will and testament, but only a few will actually make one.  Reasons may range from sheer laziness to simply being uncomfortable discussing or even contemplating about one’s mortality.

For as long as nobody talks about it, they can avoid the inevitable.  But sadly, that will never be the case.  Ignoring the fact that we will all die soon won’t prevent it from happening.  What you can do instead is to prepare for it.

So aside from deciding on whether to invest on a prepaid funeral insurance, or choosing caskets that will suit your taste, and discussing with your loved ones the details of your funeral planning, it is important that you have written down a last will and testament. For starters, a last will and testament will allow you to choose a suitable guardian if you have children below legal age.  In this way, you know who will be taking great care of your kids once you have passed away.  Otherwise, the government will be deciding who will take over guardianship over your minor children.

And just because you have no children to leave an estate to doesn’t mean that you should disregard drafting your will.  You have worked so hard to earn what you have – cars, bank accounts, etc- therefore, you should have the final say on who will be inheriting your properties.  Without a will, your last wishes will be irrelevant and the government will then decide how your estate will be distributed.  Your cars will be auctioned off, and you will never be able to give that precious heirloom to a friend or a family member upon your death.  In addition, the charity you have always supported won’t be able to get the donations you wish to give them.

With all these said, it is never too early to draft your last will and testament.

Once you have drafted your will, it is important to keep it up to date.  If you have acquired a new property or had another child after you have drafted the will, you need to include him or her, even when you wish to state that he or she will not have a part of your estate.  Doing otherwise will allow your heirs or their legal guardians to contest your will.