Buying a house that we can turn into a home is one of those moments most people feel proud of; a moment that can make you feel like you have arrived.
But what happens to your property when you die? Who will take over your house?
The last thing anyone wants is having what they have worked hard for ending up in the wrong hands or being inherited by the wrong people. Here is why having a last will and testament in place can give you peace of mind when you have property.
A will gives you the choice to decide
Aside from just determining who gets what part of your estate when you pass away, a will can also be used to set out specific conditions for those who inherit assets from you. You can do this by setting up a trust or testament and you can also provide specific directions for how you want any life insurance or money to be used.
You can set the terms that come with inheritance
Stories of family members coming out of the woodwork to place their claim on the assets of a loved one who has just passed on are many. It has also led to situations where assets and finances end up in the wrong hands, resulting in the misuse of it.
Having a will in place will make sure that your final wishes are carried out by an executor. An executor is someone who carries out what you have stated in your will. They also ensure the safe keeping of your will until the required time. You have the choice of giving specific instructions to the executor such as:
The person you would like to inherit your house
Instructing your beneficiaries on what you would like them to use the money for i.e. tertiary education, buying a house, paying for funeral expenses, etc.
You can also set the age you would like your children to receive the assets that you have listed in your will.
The advantage of specifying these conditions means that you can control and limit any abuse of the money. For instance, surviving family members or extended family members cannot pressure a beneficiary into funding a business venture or providing for them as the will doesn’t allow for this. It can also help you ensure that those who inherit are responsible for your estate.
How can you get a legally recognised will online?
There are many options in which you can get a legally recognised will. Financial institutions offer the legal drafting and safekeeping of a will at an affordable price. You can also approach a lawyer or draft your own will. Read more about how MiWayLife can assist you with drafting a will that will allow you to protect your assets and provide for your loved ones after you're gone.