Will Is Not Something Just for the Rich or the Elderly – It Is for Everyone!
Many people have a conventional thought that having a written will is some act exclusively for the well-established and rich people as many have seen on TV shows. But this is not true at all. In fact, having a written will is for everyone who has assets.
Assets can be in many forms such as cash saving, residential property, cars, shares, business and etc.
What Happen If There Is No Proper Family Legacy Planning?
When there is no proper family legacy planning and estate planning with a well-documented written will, the law will determine who gets your monies and the judge may decide who will raise your children (both may not be whom you would have chosen). Hence, you should never assume that your assets would go to the person you had wished.
Your loved ones could involve themselves in cumbersome and lengthy legal process before your assets could legally be distributed to them.
There are many solid life cases where when people failed to secure a comprehensive and well-documented will planning, the sad family drama took place. For instance, the wife inheriting not just the assets but overwhelming debts as well which result in a major life turnaround. The wife moved from a comfortable condo to a 3 room flat.