Why a will is important, even if you don't think you need one

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Choose your Beneficiaries 

Everyone's circumstances are unique and many clients feel that their's are such that they do not require a will. A will does a lot more than just choose who will receive your inheritance. A professionally drafted will will minimize legal challenges and disputes over shares of your estate. By setting out who your beneficiaries are, and what share each beneficiary should receive, it will provide your family and friends with clarity after you are gone. Disputes over inheritance occur more often than people like to think. 

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Choose your Executor 

Another important reason to consider making a will is in order to name an Executor. Your Executor is the person who will wind up your affairs after you pass and apply for probate. It is important to name someone whom you trust and whom you believe can assume this role and act diligently in carrying out your wishes. Being an Executor is not an easy job and Executors who are negligent in distributing an estate can be liable to beneficiaries.  If you do not make a will, there are rules for who may apply to administer your estate, and it may not be the person you would have wanted. 

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Keep Costs of Distributing your Estate Down 

Having a will can reduce costs and delays when your executor applies for probate and distributes your estate. Less cost incurred administering your estate means more left for your loved ones to enjoy. 

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Choose your Guardians for your Children

If you have children who are considered to be "minors", then you can name the legal guardians for them in your will. This makes your decision legally binding, without which, a decision for legal guardianship will have to be made by the courts.

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Specific Gifts and Donations

A last benefit of making a will to make specific gifts and charitable donations according to your own wishes. For example, if you want to leave your vintage car to your brother whom you know will love and continue to care for it, without this wish put into your will, there is no certainty that your brother would receive this gift. The car may be sold off and its proceeds may just become part of your estate. While your beneficiaries are free to donate their share of your estate to a charity of their choosing, if you would like a say as to the amount and the charity that will be benefiting, those wishes should be included in your will.

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Summary

Your will should not be something you put-off making until you are older. Rather, it should be made early-on and continued to be built upon to reflect your wishes at a particular time in your life. The "five year rule" which lawyers often recommend clients to update their wills every five years is a good starting point. However, consider any life event such as a new relationship, a new spouse, a new job, or a new home as a good time to re-visit your will. Also consider changes to the lives of those around your such as a death in the family or a birth in the family. It's best to be organized and prepared as you never know what life will bring.

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