Ever wondered how you can protect all the things you worked so hard for or how you can offer protection for your loved ones long after you have passed away?
Here are five ways having a legally recognized will be beneficial for you and the people you care about.
It cannot be challenged
There are countless stories of family members or people coming to place a claim on things that belonged to a recently deceased person. With no defence in the form of a will, it can be hard to stop them from doing so.
Having a will that has been drafted using the Wills Act 7 of 1953 will make any will valid and protect you from such situations. It also prevents instances where someone can challenge what is written in a will because it was not drafted using the Wills act. You can get a legally recognised will from MiWayLife or any legally recognised institution such as a lawyer, bank or executor.
It gives you more control
While we may not have control over death or what happens to all that we have worked for once we have died, having some form of control in the form of a will can give you one less thing to worry about. You can use a will to state how you would like your funeral to be carried out, who receives your belongings, and if you have a life insurance policy or shares, how the payout can be split.
You get to choose your beneficiaries
Drafting a will is done with the utmost privacy to ensure that you and a few trusted people know about it. You can also appoint an executor who will be the sole person to know and ensure that what has been listed ends up in the right hands.
You get to choose the people you would like to place in a will, but keep in mind that a beneficiary cannot also be a witness when signing your will. The will with the latest date is the one that is usually used as the final will. Therefore, make sure that your will is always up to date.
You can add protective conditions
An example of a protective condition you can add when having a will drafted is choosing when someone can receive a payout or an asset that you want to give to them. Parents who want their child to have access to payouts at the age of eighteen can state so in their will to protect their child from being manipulated into parting with it while they are still young. However, conditions that are placed need to be legal and do not place other people in danger in order for them to have access to their inheritance.
Choosing guardians of your choice
Whether you have children or are planning on having children one day, a will is crucial. This gives you the benefit to choose who can be your child's guardian in the unfortunate event of you dying while they are still young. Even if you are not planning on having children, you can use a will to state which charity or person close to you can receive the assets listed in a will.
MiWaylife offers you an option of having a legally recognised will that can be drafted for you and be kept up to date in one secure place so you and your loved ones have one less thing to worry about.