Question

Briefly discuss the advantages of having a will and some of the problems that might occur should you not have a will. What are some practical steps you might take when working with your family to ensure that your personal affairs are organized?  

Answer 1

Having a will is one of the most important things you can do for yourself and your familly.If you die without a valid will there is no gaurantee that your intended desires will be carried out.If you die without a valid will your assets will be distributed in the accordance with the rules of intestacy.Benefits of having a will is as follows:

i)With a valid will,distribution of your assets will be according to your wishes,not according to rules of intestacy.

ii)Carefully drafted will may reduce the amount of inheritence tax payable by your beneficiaries after your death.

iii)Making a will is important to ensure that your personal assets are distributed to those you love and to protect from being contested.

iv)It is extremely important to have a will in place if the children are under 18 and would need someone to look after their inheritence or to have a guardian appointed for them.Thus,a will will protect your children.

v)If you are in a relationship and are not married,you cannot inherit your partner's estate unless he or she had a valid will in place.If one dies without a will,it can create serious financial hardship for surviving partner.

When you are working with your family,you must ensure that your personal affairs are organised through taking constant steps along with better communication with family members and the reliability must be fixed and will should be properly distributed. The accountablity of the family members must be fixed and determination of shares in will is fixed in accordance with the performance of different family members with respect to their accountability.