Not having a Will can pose serious consequences for your loved ones.
Organising your end of life matters is a reality that is becoming even more urgent as we face a global pandemic and the uncertainty that comes with it.
At LifeReady we have created a platform that specifically provides you with a tool to securely share crucial information with loved ones, should the unexpected happen.
This brings us to a critical end-of-life document that we will be discussing; your Will (particularly important if you have not yet created one).
First things first, what is a Will?
At its simplest definition, it is a legal document that sets forth your wishes regarding the distribution of any assets (such as property) that you may have, as well as the care of any dependents (e.g. children). It is the specific instruction that you leave for your loved ones regarding all that you own in this earthly realm and what you would like to do with it.
Now, the consequences of not having a Will can result in a great deal of complexity for those that you have left behind.
Let’s have a look at some of these:
Adding stress to the grief. Without a Will your loved ones will have to result in a guessing game of how to distribute your assets. This means adding extra stress to an already emotional loss, not to mention time, money and possible disagreements trying to settle your affairs.
Letting the Law Decide. If you pass away without creating a valid Will, you leave behind what is called an ‘intestacy’. Your assets will then be distributed according to a legal formula, which means that they may not end up with the person(s) that you intended and you have no control over where your assets go.
Not leaving behind a Legacy. A Will, accompanied by a Statement of Wishes, allows you to leave behind a legacy that can benefit your family and loved ones. Things like, how you want to be remembered, who you want your most precious books to go to, who gets your property etc, these are all instructions, that if given clarity, can allow you to confidently ensure you have done all you can.