Having a spouse or children often provides us with the necessary motivation to write a Will. But does their absence justify not writing one?
Well, the team at Legacy Wills will be the first people to tell you that it certainly does not. Here’s why a Will is necessary, even for those who are single and heirless.
There’s a Lot You Can Do
Not having a family can raise doubts in the minds of those who are supposed to write a Will. In the opinion of some, writing a Will makes sense only if their family gains benefits from it. They have to consider things like who they would give their money and property to, if anyone.
That may well be a rational thought, given their circumstances, but people who harbour such conceptions are often unaware of the true benefits of writing a Will. Leaving behind a legacy even in the absence of children or a spouse is still hugely important, and we will explain why below.
The fear of our assets ending up in the wrong hands is what scares most of us into writing a Will. But those without children or a spouse are often unaffected by this possibility. They are usually of the opinion that since there is no successor, they shouldn’t concern themselves with who gets what. Due to this, some people question the very logic of making a Will in the absence of beneficiaries.
One of the downsides of not creating a Will is that the owner of the estate has no control over the distribution of assets. In such cases, it is the judiciary that takes it upon itself to give away the assets of the deceased individual.
Without a Will, your assets are at risk of being caught in the middle of a dispute without any resolution in the near future. Sometimes, it may also result in a lifelong legal battle with nobody benefitting in the end.
The perils of dying intestate don’t end there, however all expenses for resolution of estate related disputes get paid for by the estate. This means an estate and its worth could be reduced to little more than pennies if the dispute takes an eternity to be solved.
The recent demise of renowned musician Prince perfectly highlights why it’s important to get a Will written, even if there are no surviving children. Prince passed away without creating a Will and the result was that the late singers $200mn estate is still in dispute, two years after his death. His siblings haven’t inherited a single penny out of his estate, but his lawyers have already earned $5.9 million in fees and expenses and have also requested an additional $2.9 million in fees and expenses.
It is also possible to specify other wishes, such as funeral preferences. These clauses and conditions can be altered at any point until the passing away of the testator.
The Opportunity to do Great things
The marital or parental status of a testator shouldn’t determine the merits or demerits of writing a Will. The benefits of writing a Will go beyond the simple transfer of assets and debts.
A Will offers a huge opportunity for people to do something great for society. There have been instances where estate owners have given away significant portions of their estate to charities and also saved massive amounts of inheritance tax while doing so.
It is possible for those without an heir to help bring about the change they wish to see in the world by donating wealth to the cause that’s closest to their heart.
It is possible to establish a Trust whilst still alive, which allows someone the opportunity to see the fruits of their generosity before their very eyes. The presence of benevolence can sometimes make up for the absence of an heir.
At Legacy Wills, we offer you complete legal guidance at each step of the process to create a Will or a Trust to ensure a smooth and hassle-free transition of ownership.
Contact Us today to secure your tomorrow.